Selling Endowment Policy

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Rainbow

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Post by Rainbow » Sun Jul 22, 2007 8:12 am
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Hi All,
We have been informed that we have to cash in our endowment policy to put into the IVA, has anyone any experience of this? I have also read on the internet that you can sell your endowment to a 3rd party. Can anyone recommend a company?

Thanks very much
Rainbow [;)]
Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!
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MelanieGiles

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Post by MelanieGiles » Sun Jul 22, 2007 4:00 pm
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The best thing to do is google "selling endowment policies", and you will find a number of reputable companies who would be willing to give you a quote.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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Rainbow

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Post by Rainbow » Sun Jul 22, 2007 5:31 pm
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Many thanks Melanie - As always you have been able to steer me on the right track!
Just a quick update I spoke to Nancy last week from GT and she has made our proposal a priority and then on Friday a got a call from the person writing our proposal to advise us that he will complete it on Friday afternoon and put before his manager, said it should be with us the beginning of next week. Fingers crossed!
Just as well because I had a letter from MBNA saying that they had done a land registry search and quoted our number and that if we didn't reply within 7 days they were going to court to seek a charging order, this may have crossed in the post because Nancy did phone them on Wednesday or Thursday to update them on the situation and the letter was dated on the 18th!
Will update you when we receive the proposal? One last thing is there anyway that we could keep the endowment policy as the life assurance is included in it? Its worth £9K?
Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!
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MelanieGiles

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Post by MelanieGiles » Sun Jul 22, 2007 5:42 pm
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No Rainbow - creditors would be unlikely to allow you to retain the asset - but you should find alternative life insurance and this will need to be taken into account in your income and expenditure statement.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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