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T O P I C R E V I E W
h605
Posted - 07 September 2008 : 21:46:56 Hi
We are about to consider going bankrupt. The problem is is that we have an endowment policy which we have continued to pay throughout all our problems as it will be our bonus for our pension as we have no other pension facilities after we sold the house. One of the CAB advisors has told us that the bankrupcy will not bother with it and the other has said that they will definitely cash it in. What do you believe is correct. Thanks Lesley
2 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 08 September 2008 : 21:55:07 That is absolutely NUTS comming from the CAB.
It is an asset and would certainly be lost in Br.
Therefore i would recommend you get a quote for its value ind perhaps there might be a negotiated deal or 1 payment IVA that could be achieved with the endowment.
please speak to an expert as you may have a mumber of options
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
John
Posted - 07 September 2008 : 22:21:43 Hi
I'm afraid if the policy has been running a reasonable length of time and is not assigned to a lender in respect of a mortgage then the policy will be claimed by the OR.
