I may have to go bankrupt as my ex has left me with over £70K of debt and i am unable to pay this off. i have two small endowment policies for two of my children (14 and 8, the policies are in joint names with me and each of my children. they are not worth much about £3K on maturity. can the official receiver take them off my children? can i transfer them to someone else? can i continue to pay the endowments for my kids? also i pay £5 a month into each of my kids savings accounts. Can these be taken off them? will i have to stop doing this when bankrupt.
The OR can't take them off your children as you are the one declaring BR and not your children. If the policies mature during the time you are BR the OR may be able to take some of this money as the policies are in joint names so this could be viewed as you having 50% of the sum and your children the other 50% but I am not sure about this.
Don't transfer the policies to any one else as this will be frowned upon by the OR and you would have to declare it on the SOA.
If you want to continue paying into the policies as well as the savings accounts this would have to come from any excess money that you have left over after paying an IPA if you were required to pay one.
I would check this out because if you are the one that set the endowment policies up & they are in your name they could be seen as your assets, the childrens' savings may be different.
I may have to go bankrupt as my ex has left me
Posted - 20 June 2009 : 09:04:03
