Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
carl
Posted - 06 September 2011 : 16:14:35 Hello all
I have received my automatic discharge from BR on 27th August 2011.
I do not have an IPA/IPO in place but the OR holds the interest in my property which is mortgaged and approx 20- 25k in negative equity.
I have life insurance in place which pays out a cash lump sum in the event of my death and I am wondering what would happen should I die in the next 12-18 months whilst the OR has an interest in my property?
My life insurance policy easily covers my outstanding mortgage and is a separate policy which isn’t inked to my mortgage provider. From my understanding the Policy will just be paid out to the trustees of my Will and distributed however I choose.
Would the OR have any claim on this money? and what would the OR normally do in this type of case?
Thank you
Carl
3 L A T E S T R E P L I E S (Newest First)
debtinfo
Posted - 06 September 2011 : 19:26:02 then if you have bought out the interest and you "survive" untile discharge then it is all yours from then on
carl
Posted - 06 September 2011 : 18:40:46 Hello Debtinfo
The policy is a combine mortgage protection/Life insurance Policy which was taken out before my Bankruptcy.
There was no value in it so I bought out the OR's interest in it for £50.00 approx 3months into my BR and the Polciy premium was allowed as part of my monthly allowances.
Thank you
Carl
debtinfo
Posted - 06 September 2011 : 18:21:10 when did you take the life insurance out, before or after bankruptcy
