Now waiting for the next stage.....

nixnox

If you have life insurance without a surrender value, be prepared for the OR to note their interest. This will mean that if you or your spouse die or are diagnosed with a terminal illness in the future, even after your discharge the proceeds will go to your creditors via the OR. You can maybe buy back your interest from the OR for a fairly nominal sum like 3 months' premiums, but this is not automatic and you are at risk while the OR's interest is on the policy. You could stop paying the premiums of course and defeat the OR that way as the policy would be cancelled, but you would still get nothing...you would at least save the premiums every month. We thought about taking out another policy and this might work as long as the insurance co are happy to accept a bankrupt insured...Any ideas?

sugarbabe-47

Hi Kes Onwards and upwards from here!!! Glad it went ok for you - now chill and relax - a new financial beginning
Take care
Sugar x

kes0904

Thank you - the support is great here!

Still waiting for the OR to ring- and the longer it gets, the more nervous I am about it!
Just feel like everything is up in the air re my home, car, phone, bank account etc etc!

It's so stupid to be so impatient- as a friend reminded me this morning, we have been in serious debt over the last 10 years, and only decided to take serious action two weeks ago. I just hate not knowing what's next- but i'm sure it will all be fine

sugarbabe-47

my OR did my phone interview at work!!! (my choice before you panic!!) the first call was stopped as their phone lines went dead!! I was a nervous wreck, so got my call the day after and was feeling like you are now, but honestly it was over in 37 minutes, just be honest with their questions, they are not judgmental and things will settle down soon..