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 OR & life insurance Post Bankruptcy
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Overspent
New Member

66 Posts

Posted - 07 August 2010 :  15:21:16  Show Profile  Reply with Quote
We went bankrupt end of july 2009 and were lucky to be awarded an early discharge, no IPA on 1 Feb 2010. Yesterday I received (not my husband) a letter from OR asking me to send over our life insurance policy details...............how much is this likely to cost us? Any thoughts most appreciated.
Thank you :-)

debtrider
Junior Member

494 Posts

Posted - 07 August 2010 :  17:28:04  Show Profile  Reply with Quote
If you want to keep the life policy going then it will cost around £50 to buy it back from the OR. Otherwise stop paying the premiums.

Debtrider
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debtinfo
forum expert



2826 Posts

Posted - 07 August 2010 :  17:45:56  Show Profile  Reply with Quote
Unless it has a surrender value and then you have to pay whatever the value is
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Overspent
New Member

66 Posts

Posted - 08 August 2010 :  14:26:45  Show Profile  Reply with Quote
Thank you both....it's only to cover the mortgage in event of death and decreases in value annually. WE thought 50 just not sure if that's each or just a single payment.
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debtrider
Junior Member

494 Posts

Posted - 09 August 2010 :  22:46:56  Show Profile  Reply with Quote
It would think just be £50 if it's just one policy.

Debtrider
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