| T O P I C R E V I E W |
| BankruptC |
Posted - 17 October 2008 : 16:50:56
Hi all,
Just asking for a little info here from anyone already BR who's been asked to buy back their life policy. (I think I remember you did, Jo, so may be able to help!  )
How much were you asked to buy it for? And if you are acouple, did you have to pay the amount EACH? Also, how did you pay, if you did? Cash?
Sorry for the questions, but just negotiating this with our examiner! 
Thanks in advance! 
C. x |
| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 18 October 2008 : 12:22:28
Oooops Sorry
I have just re read the letter and its says and im sorry for the confusion
" to cease payment of the premiums, which will mean that the policy will lapse, or
to pay the OR £ 50 EACH to assign the policy back to you"
I had misread it first but have just checked and so that means for a joint policy it will be £100 for the 2 of you.
I have just taken out new policies and they can the old ones.
Sorry if i confused you, i confused myself LOL
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| BankruptC |
Posted - 18 October 2008 : 11:32:09
Thanks Jo. So from the letter you've got if you wanted to buy your joint policy back, would you have to pay £50 each or just £50 between the two of you?
Thanks again! :-)
C. x |
| Needafriend |
Posted - 18 October 2008 : 11:27:04
Hi BC
I today received letters from the OR and as our joint poilcy is one in the BR we have been asked to pay the £50 for this or let it lapse.
We have now cancelled the DD's and are about to start new policies, otherwise in the letter it says that if we dont buy it and we are discharged it will still form part of the BR estate after we pass on.
Hope that helps
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| Needafriend |
Posted - 17 October 2008 : 19:16:26
Thanks Tracy for that info. :-)
BC
You make sure you give em hell:-)
LOL
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| tracy_b |
Posted - 17 October 2008 : 19:11:10
Good on you. It really not fair that there seems to be one rule for one and another for someone else! Give em hell.
Tracy XX |
| BankruptC |
Posted - 17 October 2008 : 19:08:01
Manchester. Yeah, we're having a bit of a struggle, but we're not going down without a fight! :-)
C. x |
| tracy_b |
Posted - 17 October 2008 : 19:05:06
Where is your OR office? You seem to be having an awful lot of grief. I wasn't happy cause we might get a BRU/BRO but otherwise well chuffed-no ipa and seemed to go quite smoothly.
Tracy XX |
| BankruptC |
Posted - 17 October 2008 : 19:01:53
Thanks tracy, that's what I thought!! Gosh, this examiner isn't half trying it on!!
C. x |
| tracy_b |
Posted - 17 October 2008 : 19:00:42
Hi we had a joint one that he wanted just the one lot of £50 and then i had an individual one and that was £50 as well. I think its per policy and not how many names are on it, at least thats how it worked out for us. As it happens we let them both go.
Hope that helps
Tracy XX |
| BankruptC |
Posted - 17 October 2008 : 18:56:17
Hi tracy,
Was yours a joint policy too? Just doing some more reading on this and I feel it should be £50 for the policy, not per person, as it's still only one policy for them to deal with. Hmmm...seems like a bit of a grey area!
C. x |
| tracy_b |
Posted - 17 October 2008 : 18:43:26
Hi Jo,
We had to say there and then what we were going to do. We said we would let them laspe by cancelling D/D, which we did immediately. The OR wants any letters from scottish widows about the non payment and eventual cancellation by them. Also he wanted the entire policy document sent to him asap, again we did that today.This was because if we croke in the next month the policy will still pay out and it will be an asset. He said that was the best way to go about it so we were guided by him really.
Hope that helps |
| Needafriend |
Posted - 17 October 2008 : 18:29:06
Tracy
I would like to ask you did you say to your OR that you did not want to buy you policies back and also have you cancelled the old ones so you dont pay them anymore and now your only paying into the new ones.
Thanks
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| tracy_b |
Posted - 17 October 2008 : 18:16:34
Hi BC,
I had interview yesterday and was told it would be £50 each and that was for the administration costs. We decided to let them go as we have old work pensions that pay out enough to incinerate us on death if we peg it in the next year. we have today sorted out a new joint policy which the OR is not interested in and as luck would have it its cheaper cause both me and hubby gave up smoking just over the year ago. Bit of a result that one!!
Tracy XX |
| Needafriend |
Posted - 17 October 2008 : 18:02:55
Hi BC
I know that feeling our office is just as bad, if i dont call them and find stuff out i dont get told anything.
Oh well maybe they will get us off their books early as there cant be much more they need from us.
LOL
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| BankruptC |
Posted - 17 October 2008 : 17:28:21
Thanks Jo. I'll keep pestering our examiner till we get a definitive answer. We're struggling with him to be honest, and with the office in general. Talk about left hand not knowing what the right hand's doing! ;-)
C. x |
