Hi, My husband and I have completed the forms and are just now saving up for the court fees to declare BR. What i wanted to check is... I am currently claiming on our Payment Protection insurance on our mortgage (we are keeping the house as we have no equity due to having released it through a secured loan which we are going to maintain). I was made redundant last Oct and am now receiving money through the insurance company for this. Will the BR effect this at all? Also I am confused about the life insurances we hold, they are duel mirror insurances, linked into the mortgage (we were told we have to have them) and they have no cash in value, just pay off the mortgage if one of us dies. What will happen to them? Thanks very much. xx
your bankruptcy, from the official receivers viewpoint,will not affect the current mortgage repayment arrangement through your insurer. It might be worth checking for your own peace of mind if the insurance agreement has any bankruptcy related clauses, I doubt it.
As your mortgage lender holds security over the life policies they are safe and you should not only be allowed to continue the monthly premiums but claim that amount as essential monthly expenditure.
Payment protection / life insurance query
Posted - 30 January 2009 : 23:32:50
