Can one of my creditors force me to cash in my endowment policy?

lynchio

Hi there, I'm hoping someone can help me with the above question. I have quite a lot of debt and had an equitable distribution repayment scheme set up by the CAB about 18 months ago and am now starting to get a little pressure again from my creditors. Most have been very understanding and are allowing us to proceed as before. One in particular is being quite agressive.

They have advised us that they can take us to court to force us to cash in our endowment policy (which is only 6 years old so hardly worth anything yet) to get their money back. The endowment policy is linked to our mortgage so I didn't think they would be able to. My wife has gone to the CAB to ask them to take over again but there is a queue of 6 people and only 1 advisor and she has been told she might not be seen and the creditor has given us only until today to make a decision about if we are going to voluntarily surrender our endowment.

Thanks in advance for your help.

RAS

Hi

ring one of the other debt charities urgently. The time scale they are pushing suggests to me that this threat is delibarately set so as to panic you and prevent you getting proper advice.

http://www.moneysavingexpert.com/loans/debt-help-plan#help

You may have to keep re-dialling as NDL in particular is very busy but I am sure they can advise you over the phone. Or try sending a pm to CCCS_Matthew, Sarah, Alan or Sue who all tread these boards regularly.

Certainly this sort of threat is unacceptable under OFT Guidelines, so I would also think about contacting them as well.

lynchio

Thanks I thought this may be the case. On the phone to NDL right now, well on the phone to a phone that is ringing.

We've had other companies try the same in the past then you speak to someone else and everything is ok and they accept our payment!