Angry at the Or

jaysgirl

When I first went bankrupt back in November and had my Or interview, the OR said that my life insurance , which was a joint policy with my husband would have to be cashed in, I was told that my husband would get his share and that he would take my half to go towards creditors . My husband had to sign a form from the insurance company for his half to be released and OR the same for my half.
I worked it out that we had paid in about £ 1184 ,thats £30.23 for just less than three and a half years. My husband got his half today £160.24 , so that means the cash in value was a measely £320.48. At no time was I told that I could buy the OR 's interest for £50 pounds. I learnt this the other day reading a post on here and I am downright annoyed , I might as well have thrown my money down the drain.:mad: :mad: :mad:

Jaysgirl

fermi

Hi jaysgirl

This is not as bad as it seems. The OR is only allowed to offer you back the policy for the £50 if there is NO surrender value on it.

Obviously the policy did have a surrender value, so it appears they did as they should.

It's still a bit rubbish to only get that much though.

NekoZombie

jaysgirl wrote: »

downright annoyed , I might as well have thrown my money down the drain.:mad: :mad: :mad:

Jaysgirl

How awful - I totally get your annoyance.

Hard as it is, overall you're still better off without all that debt swinging like an albatross around your neck.

Broken_hearted

Why they didn't force you to go BR.

NekoZombie

Another classic line from BH!!

I'm thinking of publishing a collection of 'BH's wise words to those stupid enough to go bankrupt'

jaysgirl

Thanks fermi didn't realise it had to have no surrender value, and yes Nekozombie suppose it is better than having the debt swinging round my neck like an albatross as you so elequently put it .
Jaysgirl

maxmycardagain

insurance policies usually have a clause about "admin and setup costs" and how if cashed in early the sums returned will or may be less than your contributions.

lets be honest, dont insurance companies have huge great glass palaces for offices?

guess how they pay for them, just like banks and most financial institutions.

JCS1

If there is a surrender value, then the OR will take that.

If no surrender value on a life assurance policy, then 3 options:

1. Keep paying the premiums, and if anything happens (even after discharge) the money goes to the OR. Surprisingly, no one opts for this :rolleyes:
2. Let the policy lapse, and take out a new one - and it is better if this is after discharge, as technically a new policy taken out whilst undischarged can be claimed by the OR
3. One off payment of £50 to the OR to purchase their interest; it used to be equivalent to 12 months premium but got changed a few months ago.

Usually, the OR will establish if any surrender value, and then send a letter outlining the above 3 options if no value.

wherediditallgo

NekoZombie wrote: »

Another classic line from BH!!

I'm thinking of publishing a collection of 'BH's wise words to those stupid enough to go bankrupt'

Indeed. Presumably, she'd block the publication date unless the book came with a branding iron, a tunic of sackcloth & a cd playing the mantra "I am unclean - I'm a bankrupt". You'd also have the medieval spectacle of people following you in the street yelling at you or throwing rotten veg at you to contend with, seeing as BH would be keeping them supplied with a never-ending stock. :rolleyes:

BH has had her own difficulties over which many of us, including me, have expressed sympathy without harsh words in judgement. That seems to count for very little with her. It might seem mean, but when I read some of her posts I really wish her computer would break down for a few weeks & give us a break from her bluntness.

Vici

:T :T :TVery well said WDIAG. Seems I was worrying about the stocks unnecessarily!!

Broken_hearted

N'ah I'd bring the old laws back much more fun.
Plus we'd see those who need to go BR and get rid of those who just want an easy way out.
As for the pc it breaks down frequently:p