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endowment

  • janet2204
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03 Jul 12 #340942 by janet2204
Topic started by janet2204
Due to my divorce I lost my home through re-possession and because we''d not long since re-mortgaged we had a negative equity. I am now been asked for £50,000. I''ve been advised by NDL that it is in my interests to go bankrupt. I have got an endowment insurance policy due to mature in a couple of years, if I do go bankrupt, will they take what little return is due on it. Would I be able to sell the policy to a family member?

  • LittleMrMike
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04 Jul 12 #341000 by LittleMrMike
Reply from LittleMrMike
Sorry to hear about your situation, pretty awful. Wish I could offer some comfort - -

As I see it, if you go bankrupt the benefit of the policy vests in the trustee so the matter is out of your hands.

If you sell it, especially to a family member, there is a serious risk, from your point of view and also that of the buyer, that the trustee could have it set aside.

Sorry.

LMM

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04 Jul 12 #341082 by janet2204
Reply from janet2204
Thanks for that. Have you any advice as to what I could do to keep it. I feel rather miffed, as I said we''d just re-mortgaged and we used the money to pay off the family car and get a motor bike, both of which the ex took and part-exchanged and sold and kept the cash. The endowment wasn''t taken out as part of the mortgage but something I took out for myself way before I''d even met the now ex.

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