www.iva.co.uk

Well we were on the phone for 2 hours !!!
So many questions what did you spend that on in 1999,to put it in a nutshell she is phoning later this week to let us know about the car but thinks it may be exempt but I will believe it when I see it don't know why she said what she did the other day then mayber she has been put right. She is also sending paperwork back for me to put what we did and why next to and if I don't remember then just say it.
She thought that also rob would only be bankrupt for a year. Also I have to send in robs life insurance policies and buy them back for £50 each what a joke that is.
I have a thumping head cold but feel a little relieved will be 100% when I find out about the car.
Thanks again guys
jayne and rob xx

Hi Jayne,

It does seem very complicated to do br. At least you are on the road to sorting it out finally, and it is looking positive for keeping your car.

Why do you have to give them the policies and then buy them back? Can't quite get my head round that.

Hope you get the answer you want when they phone back.

i have no idea if the policies had a surrender value they would cash them in
but if not you have to buy them back

I think that is bad. What happens if the unthinkable happens and you have no policies to fall back on? I'm sure it won't though and if it is only going to last for 12 months, it will fly by.

I thought that if you were buying them back then they were still yours, and if something terrible did happen you could claim on the policy?

yes what skippy has said is right, sorry i didn't explain it properly. If they were worth anything (which they are not) they would cash them in, as they are not then i have to purchase them back from the or for £50 each.

I had a similar thing with my premium bonds (all £12 of them!) - I had to buy them back from the OR if I wanted to keep them, which I did as they had sentimental value.

We both had our life policies claimed by our OR, the redemption figure was £500+ each, we were asked if we wanted to buy them back. We also had an ISA which we cashed in a few yrs back but there was around £18 left, she claimed that. Be pleased that you are getting it sorted and that, after 12mths, you should have your life back, without the debt.
xxx

yes i am pleased chris just waiting for the result with the car
feel numb really
thanks again guys

Our OR said that she would have to see her manager as to whether we could keep the car, we heard nothing for nearly 2mth then got a letter just saying it was exempt. Try not to worry, things are looking positive, it seems as if she got it mega wrong the other day and has been corrected. It may be her way of backing down on it without obviously backing down, if you follow me?
xxx

Awww Jayne

Its a shame you had this two hour thingy and stil dont know the most important outcome. I do feel for you and how you worried but knew it had to happen and still you do not know. On the plus side it wasnt a no, re the car.

Chris is probably right about the backing down thing, still its not very fair to you hanging around. The OR should grow a backbone and admit she was wrong and tell you. It cant be as important to her as it is to you.

Thoughts are with you and will keep everything crossed.

Love

Hi

Just to let you know if the insurance policies have no cash in value then you do not need to 'buy back' the policy you also have the option to cancel your existing policies and start new ones and this was exactly what I did. The OR should confirm this issue in writing to you.
Obviously you need to check what type of policy you have but if has no cash in value and you are short of dosh it may help you at this time.

Pippa