Life Assurance/savings policy surrender

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caraf

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Post by caraf » Sat Jan 19, 2008 4:32 pm
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As part of our IVA proposal which was approved on the 27th December 2007 we have to surrender our life assurance/savings policies within 6 months. The values that where put in the proposal where only approximate values (approx 5750)
I will this week send off for surrender quotes and get the forms to surrender.
If the values come back a little more that what is in the proposal, can I keep the difference and just hand over the 5750 that is in the proposal. Or will I have to hand over the full surrender values of the policies.
This would help my cash flow at the moment, as I have nothing for an emergency ??? and this is what is worrying me at the moment no spare money
53 down 7 to go !!
Cant wait till December 2012
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luluj

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Post by luluj » Sat Jan 19, 2008 6:42 pm
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I would imagine all will need to be handed over to your IVA company for your creditors.
Shows different IP's consider different things - we were able to retain our life insurance policies.

Lulu
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pixie

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Post by pixie » Sat Jan 19, 2008 7:45 pm
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I had to cancel my isa to pay into the iva. It was more than the estimated figure but I sent every penny as soon as it was paid out. I've never been asked for proof of the surrender value though.
If they are part of the iva then the full value should be passed over.

Pixie
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Adam Davies

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Post by Adam Davies » Sat Jan 19, 2008 10:23 pm
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Hi
Check the wording in your chairmans report but it is likely to state that the full proceeds of the policy are to be handed over
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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