hi Thanks for the previous advice regarding going bankrupt and having an unassigned endowment policy. We have been told by standard life that we can cash it in or we can gift it to someone which takes our rights away would this be okay if we went bankrupt. Could they still claim it
Hi cashing it in or gifting it to a 3rd party will of course be ok with standard life but the OR would take a very dim view of it I'm afraid.
The policy is an asset and as such will become the property of the OR. If you transferred it or cashed it in and could not account for the funds, technically that's fraud.
Depending uoin the value of the endowment and the level of debt you may be able to negotiate with creditors instead of going Br ( but need to see figures before we can say if it is realistic )
Alternatively you can cash in the endowment and this asset can they be used to pay for court costs and potentialially professional assistance if necessary. However you will absolutely need to keep the balance SAFE for the benefit of the OR & creditors.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
unassigned endowment policy ?
Posted - 11 September 2008 : 15:36:51
