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 I am in the process of applying for bankruptcy
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Starting Member

1 Posts

Posted - 28 April 2015 :  14:11:17  Show Profile  Visit Sandradl67's Homepage  Reply with Quote
I am in the process of applying for bankruptsy. My debts are about £11.000. Ive been told that if i have life insurance ( mine is death only) to cash it in or it will be taken. I cant cash it in. This actually comes out of my husbands bank account not mine and it isnt a joint account. Thank you


United Kingdom
4590 Posts

Posted - 28 April 2015 :  14:27:49  Show Profile  Reply with Quote
Hi and welcome.

Who has told you this? If it has no cash value then you can't cash it in although you may lose it.

With that amount of debt is it possible that you could look at a debt relief order? If you have no assets then it could be an option.

Have a word with an expert and they will advise further.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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forum expert

United Kingdom
2211 Posts

Posted - 28 April 2015 :  16:21:17  Show Profile  Reply with Quote
Hi, as Niobe has said, there may be other options for you so please take advice from an expert.

With regards your life insurance, it's classed as an asset but you really need to speak to an expert for advice on what you should and shouldn't do.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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