will OR take mortgage linked endowment policies

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guiness

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Post by guiness » Fri May 02, 2008 9:29 pm
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Hi, went to court last week and declared myself bankrupt. My home is jointly owned with my husband who was not involved in the bankruptcy. We are hoping that he will be able to buy out my equity so that we will not lose our home but what I'm worried about is that we have a part endowment. part repayment mortgage and the surrender value of the endowments is around £13000. Will the OR take these endowments??
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MelanieGiles

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Post by MelanieGiles » Fri May 02, 2008 10:40 pm
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I think that this is quite likely - especially if they are not assigned to the mortgage company.
Regards, Melanie Giles, Insolvency Practitioner
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guiness

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Post by guiness » Sat May 03, 2008 10:57 pm
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oh dear I was hoping they wouldn't with it being linkes to the mortgage. Thanks for the reply
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guiness

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Post by guiness » Sat May 03, 2008 11:07 pm
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just another question Melanie thay are jointly owned with my husband so how would that work?
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MelanieGiles

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Post by MelanieGiles » Mon May 05, 2008 2:36 pm
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Your husband would have to agree to them being surrendered or sold. If he failed to agree, then the Trustee's interest would be registered against them and any recovery would be deferred until the policies mature.
Regards, Melanie Giles, Insolvency Practitioner
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