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tracy_b
Junior Member
United Kingdom
457 Posts |
 Posted - 06 October 2008 : 16:01:06
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Hi all,
I have a life insurance policy tht is in my name only. its a level term 15 years for 50k payable on my death only, no cash in value. Do i put nil in the value box? also my husband would claim the moneyif i pegged it so do i put him down as the 'concern holding the security' (the last box). He is going BR with me and has no policy on himself.
Thanks in advance
Tracy
x
9th Oct and counting |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 06 October 2008 : 18:07:32
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Hi Tracy
I too have something similar, however it is in joint names with my hubby, so ill have to keep an eye on this thread.
I am sure i have seen somewhere before that the or may ask you to pay £50 to keep the policy, which i intend to do if that is asked, as when you take out a new policy if you died within the first year most of them wont pay out.
Im sure if im wrong someone will correct me.
Take Care
Jenny
xx
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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tracy_b
Junior Member
United Kingdom
457 Posts |
Posted - 06 October 2008 : 18:15:14
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Hi Jenny,
Thanks for your input. These blessed forms!
Take care yourself
Tracy x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 October 2008 : 18:59:56
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Hi Tracy,
Put NIL in the value box. The OR will question this, but just tell them there's no cash in value and it's a death only policy. As Jenny quite rightly says, the OR may ask for a nominal sum to allow you to keep the policy.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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tracy_b
Junior Member
United Kingdom
457 Posts |
Posted - 06 October 2008 : 19:06:58
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Hi Julien,
Do i put my husband down a 'concern holding the security' which is the last box on the form or is that for something completely different that i should leave blank.
Cheers
Tracy |
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John
New Member
United Kingdom
73 Posts |
Posted - 06 October 2008 : 21:49:47
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Hi
no you do not need to do this as your husband, rather than holding security over the policy, would, in most but not all circumstances be the beneficiary.
The question is asked in relation to life policies taken out to cover the repayment in full of a mortgage on a property and in the event of your demise.
In that situation the policy would actually state that your lender is to be paid (holds security) if this should happen.
If a life policy is not attached to a mortgage then nobody holds security.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 07 October 2008 : 04:11:10
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sorry... nothing much to do with this but, i noticed you said your partner is also going br...is it costing you twice as much to go br?? or is there a different price for couples?
j mcalindon |
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tracy_b
Junior Member
United Kingdom
457 Posts |
Posted - 07 October 2008 : 10:32:55
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Hi, J
Yes i'm afraid its 2 sets of fees as there is no joint br.
Tracy x |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 08 October 2008 : 14:28:18
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does anybody know what the or guidlines are? is there any way of finding out?! finding the I&E forms a nightmare, just dont know what to put down and what they will and wont allow, also my husband and i are both BR so how do we fill in the forms as we have the same bills and outgoings? HELP!!
lou x |
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BankruptC
Senior Member
1030 Posts |
Posted - 08 October 2008 : 14:36:20
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Hi poopedmass,
I think there's a link to the (out of date) guidelines on Jo's blog. How many of you are there in the household? Any children? What are their ages? That will all make a difference. I'd be happy to look over your I and E if you want to post it on here. I'm just in negotiations about my IPA, so have done lots of digging to see what I should be allowed!
As you're both going BR, the best way to do it is to write all outgoings on both forms, with your income on your form, with your hubby's contribution underneath (all his income), and vice versa for his forms. Hope that helps a little!
C. x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 October 2008 : 14:47:26
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Hi Poopdemass
I do have the guidelines on my blog but like BC says thats the most current they do at present so it realy is just a rough guide to help you through.
Best of luck, been there done that, keep asking the questions and we will help where we can. :-)
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 08 October 2008 : 15:07:39
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| hi, we have 2 children 5 and 7 years, and i need my car to take them to 2 different schools! and to get to work, worried about it all! |
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BankruptC
Senior Member
1030 Posts |
Posted - 08 October 2008 : 15:11:48
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Try not to panic, pm. It will all work itself out. How much is your car worth? If it's under £3000 and you can show you need it for work, you should be able to keep it.
As I said, type up your I&E if you like, post it in here and I'll have a look at it for you.
Try to stay calm and go through things one at a time. You'll get there. :-)
C. x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 October 2008 : 15:16:10
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Good advice BC, i was just thinking the same. Spooky!!!!
It is a worrying time as we all know but we are all here to help.
PDM: Like BC has said do out a prov I&E and post on here we can then all have a look and advise you through.
Best of luck
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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BankruptC
Senior Member
1030 Posts |
Posted - 08 October 2008 : 16:00:16
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I meant to say!! You can add in £20 or so for children's activities, £60 for a UK break and £20 for dry cleaning. Let me have that info and I'll do some working out for you.
:-) C. x |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 08 October 2008 : 16:10:25
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| he gets about £2200 and i get about £400, £125.40 child benefit and £42.39 child tax credit, gas and electric gone up loads this year, will they allow the £25 for holiday fund instead of presents, the pet plan is for 2 cats aswell, who are now 14 years old! petrol is high but do alot of driving, thank you so much for your help x |
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QUESTION 3.3 SOA
