I today received letters from the OR and as our joint poilcy is one in the BR we have been asked to pay the £50 for this or let it lapse.
We have now cancelled the DD's and are about to start new policies, otherwise in the letter it says that if we dont buy it and we are discharged it will still form part of the BR estate after we pass on.
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:
Thanks Jo. So from the letter you've got if you wanted to buy your joint policy back, would you have to pay £50 each or just £50 between the two of you?
I have just re read the letter and its says and im sorry for the confusion " to cease payment of the premiums, which will mean that the policy will lapse, or to pay the OR £ 50 EACH to assign the policy back to you"
I had misread it first but have just checked and so that means for a joint policy it will be £100 for the 2 of you.
I have just taken out new policies and they can the old ones.
Sorry if i confused you, i confused myself 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:
Life policies. Jo?
Posted - 17 October 2008 : 19:11:10
