Im certainly no expert ...but.... if you have a life insurance policy the OR will probably offer you to purchase it for a nominal sum (think its about £50), or you could let that one go and set up a new policy - be careful doing this as some new policies only pay out after the first 12 months.
In my case i have two and would like to keep them, therefore i will pay the amount and be able to keep them - i personally dont want to run the risk of needing it in the first year.
Hope this helps a little
Jenny
xx
The weights are coming off my shoulders very slowly, but making such a big diference !!
The life insurance policies as Jenny says can be offered to you for the £50 each providing they have no cashin value if they do then the OR will technically cash them in to release the monies for the benefit of your creditors.
If the policies are only payable on death then the £50 offer would stand, you can of course let them lapse and start again.
There is a piece of life insurance in my blog, its goes into a little more detail on what to expect.
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:
will i loose my life insurance policy?
Posted - 16 October 2008 : 09:42:46
