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PKW
Starting Member
4 Posts |
 Posted - 28 March 2009 : 20:23:11
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| My mother has disinherited me from her will because of my debts and unreliability and has put my wife in instead. If she died before my discharge would any money that my wife received be claimed by the receiver |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 March 2009 : 20:47:38
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Hi PKW and welcome to the forum.
If your mother has left anything to your wife it's her decision and the inheritance will not be claimed by the OR.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
21 IPA payments made, 15 to go - on the home straight! |
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PKW
Starting Member
4 Posts |
Posted - 29 March 2009 : 17:53:25
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Hi Skippy
Thank you for that information. I have been looking back over your blog:most interesting and I shall check back further as time goes on.
I am also looking at what happens regarding life insurance - payable on first death of either my wife or me. If I die does the money go to my wife or will the OR be able to take it? If my wife dies and the money goes to me, presumably the OR will take it?
Be most grateful for any input.
Kind regards
PKW
Have to keep reminding myself of Winston Churchill's words
"Never,never,never give up"
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John
New Member
United Kingdom
73 Posts |
Posted - 29 March 2009 : 18:44:40
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Hi
Ask the OR to buy his interest in the policy back. Should cost around £50
John White
England Jackman & Spacey |
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PKW
Starting Member
4 Posts |
Posted - 02 April 2009 : 10:24:41
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Hi John
Thank you for your reply.
I don't quite understand. "Ask the OR to buy his interest in the policy back. Should cost around £50"
My position is that I am about to petition for bankruptcy(I didn't make that clear when I first posted to Skippy) and am trying to make sure I know as many of the implications as possible.
I have two life insurance policies (neither has a value except on death). One is to cover just my life and the other covers both me and my wife, payable on first death. These policies are costing me about £130 per month. If the OR would be the only one to benefit then I might as well stop paying now(not sure that I would be able to afford to continue anyway - and presumably this is not an expense that the OR would allow anyway?).
I would very much appreciate your further comments - thank you.
Kind regards
PKW
quote:
Originally posted by John
Hi
Ask the OR to buy his interest in the policy back. Should cost around £50
John White
England Jackman & Spacey
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John
New Member
United Kingdom
73 Posts |
Posted - 02 April 2009 : 13:00:16
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Hi
the policies will automatically pass to the OR on your declaring bankruptcy but you can buy them back from the OR at £50 each if you wish.
Alternatively you can stop paying those and take out new policies once bankrupt. You may consider the existing policies as not worth anything, let alone £100, but be mindful of the potential increase in monthly premiums if you start anew.
You may be given an allowance for the premium payments in bankruptcy but if not they should be paid from your sgare of your DI.
John White
England Jackman & Spacey |
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PKW
Starting Member
4 Posts |
Posted - 15 April 2009 : 11:05:25
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Hi John
Thank you for that information - very helpful.
Kind regards
PKW
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PKW1
Starting Member
1 Posts |
Posted - 13 May 2009 : 15:41:04
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Petitioned for my bankruptcy and was declared BR
Had my first(of several it would seem) meeting with OR a couple of weeks ago: cannot say that it was very pleasant but maybe my debt was higher than many.
The main thing though is that the process is under way.
I have obtained fantastic information from the forum and great support is HERE for everyone that has to go down this path so use the forum!
I want to thank in particular Paul Johns at Reviva who has been absolutely rock solid and a huge help in complex areas and who
has given me his invaluable time even when he has been under plenty of time constraints himself helping company directors and other bigger fish! Thank you Paul very much indeed
PS Had to re-register as PKW1 as couldn't retrieve my password!
Regards PKW1 |
Edited by - PKW1 on 14 May 2009 11:00:30 |
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My mother has disinherited me from her will
