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Barbara.59
Starting Member
1 Posts |
 Posted - 30 October 2010 : 18:13:44
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| i have an insurance policy which has no surrender value and monies paid out only in the event of my death. Do I declare this policy to the O.R and will I also be allowed to keep it in force if I can afford it, after being declared bankrupt. Also, can debts be added to the bankruptcy which were for bills accumulating before the order is made, ie electricity bills etc |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 30 October 2010 : 18:48:30
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Hi Barbara,
If there is no value in the policy then you will be asked to pay the OR £50 and you can keep it going.
As you are not bankrupt yet, I would include any potential debts on your statement of affairs, if you don't know the exact amount of the electricity bill etc, then just estimate or put it down as £1.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 30 October 2010 : 23:57:54
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Hi Barbara,
declare the policy on your SOA, the OR will then write to the assurance company to verify the details, who will then advise the OR the amount you need to pay(as Viki.W said normally £50) to transfer the policy back into your name.
Big Al |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 03 November 2010 : 11:52:50
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although it is best practise to list all of the debts when completing the forms, as stated if you do not know amouunt you can put a nominal figure.
If you forget to enter one of your creditors on the form that is not a problem as you can contact the OR after, provide appropriate information to prove debt was prior to BR and have the debt added.
one of the options when planning for BR may be to undertake experian and equifax checks on your self.
good luck regards Richard |
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insurance policy with no surrender value
