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Posted: Mon Jun 30, 2008 3:01 pm
by dean.c
Good afternoon. Please can you tell me whether an endowment policy that was taken out in order to pay off a mortgage can be required to be surrendered in the event of an IVA being arranged? Thanks in anticipation.
Posted: Mon Jun 30, 2008 3:14 pm
by kallis3
Hi Dean, and welcome.
I would have thought that if it is required to pay off your mortgage that it would be ok, but I'm not sure.
Would it mature during the IVA or afterwards?
Posted: Mon Jun 30, 2008 3:30 pm
by MelanieGiles
You will find that creditors will require you to surrender the policy so long as it has not been directly assigned to your mortgage company.