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BankruptC
Senior Member
1030 Posts |
 Posted - 17 October 2008 : 16:50:56
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Hi all,
Just asking for a little info here from anyone already BR who's been asked to buy back their life policy. (I think I remember you did, Jo, so may be able to help!  )
How much were you asked to buy it for? And if you are acouple, did you have to pay the amount EACH? Also, how did you pay, if you did? Cash?
Sorry for the questions, but just negotiating this with our examiner! 
Thanks in advance! 
C. x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 October 2008 : 17:09:30
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Hi BC
We have not been offered our policies yet, but if i remember correctly that you can buy them each at £50 oer policy which is there standard guidelines as set out for the OR.
We have decided not to buy our policies back but let them lapse as they are worth nothing unless we die so they will just be left and we will take out new ones.
Hope that helps. :-)
Take Care
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:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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BankruptC
Senior Member
1030 Posts |
Posted - 17 October 2008 : 17:11:07
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Thanks Jo. So did you get the impression it's £50 EACH?
Thanks again!
C. x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 October 2008 : 17:15:09
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Hi Yes it is £50 each policy.
They wont accept anything less that is what they are expected to get as it takes care of the fees for dealing with them.
You can let them lapse as we will as we had high policies so that in the event of death but now we dont need that amount for insurance so will go for a lower payout amount once we know what the OR wants us to do.
When i spoke to them a week or so ago they were still waiting on the info from the insurance companies to confirm there was no cash in value and then they said they would be in contact with us.
Take Care
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:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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BankruptC
Senior Member
1030 Posts |
Posted - 17 October 2008 : 17:19:33
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Thanks Jo. How would it work if it's a joint policy then, any idea? That's just one policy, isn't it, or does it count as two? The reason I ask is that THEY don't even seem sure themselves what to charge us!!!
C. x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 October 2008 : 17:25:07
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Hi i would say a joint policy would still be only £50 as its only 1 policy with 2 names.
That is what i think it would come out as.
Take Care
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:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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BankruptC
Senior Member
1030 Posts |
Posted - 17 October 2008 : 17:28:21
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Thanks Jo. I'll keep pestering our examiner till we get a definitive answer. We're struggling with him to be honest, and with the office in general. Talk about left hand not knowing what the right hand's doing! ;-)
C. x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 October 2008 : 18:02:55
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Hi BC
I know that feeling our office is just as bad, if i dont call them and find stuff out i dont get told anything.
Oh well maybe they will get us off their books early as there cant be much more they need from us.
LOL
Take Care
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:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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tracy_b
Junior Member
United Kingdom
457 Posts |
Posted - 17 October 2008 : 18:16:34
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Hi BC,
I had interview yesterday and was told it would be £50 each and that was for the administration costs. We decided to let them go as we have old work pensions that pay out enough to incinerate us on death if we peg it in the next year. we have today sorted out a new joint policy which the OR is not interested in and as luck would have it its cheaper cause both me and hubby gave up smoking just over the year ago. Bit of a result that one!!
Tracy XX |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 October 2008 : 18:29:06
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Tracy
I would like to ask you did you say to your OR that you did not want to buy you policies back and also have you cancelled the old ones so you dont pay them anymore and now your only paying into the new ones.
Thanks
Take Care
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:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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tracy_b
Junior Member
United Kingdom
457 Posts |
Posted - 17 October 2008 : 18:43:26
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Hi Jo,
We had to say there and then what we were going to do. We said we would let them laspe by cancelling D/D, which we did immediately. The OR wants any letters from scottish widows about the non payment and eventual cancellation by them. Also he wanted the entire policy document sent to him asap, again we did that today.This was because if we croke in the next month the policy will still pay out and it will be an asset. He said that was the best way to go about it so we were guided by him really.
Hope that helps |
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BankruptC
Senior Member
1030 Posts |
Posted - 17 October 2008 : 18:56:17
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Hi tracy,
Was yours a joint policy too? Just doing some more reading on this and I feel it should be £50 for the policy, not per person, as it's still only one policy for them to deal with. Hmmm...seems like a bit of a grey area!
C. x |
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tracy_b
Junior Member
United Kingdom
457 Posts |
Posted - 17 October 2008 : 19:00:42
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Hi we had a joint one that he wanted just the one lot of £50 and then i had an individual one and that was £50 as well. I think its per policy and not how many names are on it, at least thats how it worked out for us. As it happens we let them both go.
Hope that helps
Tracy XX |
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BankruptC
Senior Member
1030 Posts |
Posted - 17 October 2008 : 19:01:53
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Thanks tracy, that's what I thought!! Gosh, this examiner isn't half trying it on!!
C. x |
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tracy_b
Junior Member
United Kingdom
457 Posts |
Posted - 17 October 2008 : 19:05:06
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Where is your OR office? You seem to be having an awful lot of grief. I wasn't happy cause we might get a BRU/BRO but otherwise well chuffed-no ipa and seemed to go quite smoothly.
Tracy XX |
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BankruptC
Senior Member
1030 Posts |
Posted - 17 October 2008 : 19:08:01
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Manchester. Yeah, we're having a bit of a struggle, but we're not going down without a fight! :-)
C. x |
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Topic |
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Life policies. Jo?
