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Martin.1
Starting Member
3 Posts |
 Posted - 05 March 2011 : 23:14:55
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| Hi , czn you tell me if a critical illness policy that will mature due to a cancer , however it was retained by the official receiver , however they offered to assign the policy to me for £50 ( no time limit shown )and keep up the payments , I did not send the £50 but did keep up the payments - have you any idea were i will stand here please |
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debtinfo
forum expert
2826 Posts |
Posted - 05 March 2011 : 23:51:51
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| Yes, the OR will take the payout |
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Martin.1
Starting Member
3 Posts |
Posted - 06 March 2011 : 11:46:00
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many thanks , can you tell me how this is affected when another party has an interest in the assurance policy , the policy we set up has myself and my partner on it both covered for critical illness ?
many thanks for any advise you can help with please
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debtinfo
forum expert
2826 Posts |
Posted - 06 March 2011 : 16:27:54
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| It will depend on exactly how the policy is worded but a general guide is that any money payable to you will be owed to the OR in full |
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Martin.1
Starting Member
3 Posts |
Posted - 06 March 2011 : 17:08:56
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Hi thanks for that , do you know if there is a variance , i,e the monies paid out are more than the bankruptcy estate , would the balance be paid the bankrupt ? what about if there is a settlemnet agreement made , which i am paying off , would it only pay the settlement or do they go after the whole original debt for all creditors ?
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debtinfo
forum expert
2826 Posts |
Posted - 06 March 2011 : 17:42:27
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Presuming that the amount is due to the OR, They would pay the full amount to creditors plus statutory interest on those debt (8% PA) you then also have to pay any OR fee, any trustee fee and the secretary of state fee.
Any amount remaining after that is returned to the bankrupt
one upside is that if all the debts are paid then you can apply to have the bankruptcy annulled which wipes it from your record |
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Critical illness policy
