surrendering an endowment policy?

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dean.c

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Post by dean.c » Mon Jun 30, 2008 3:01 pm
Good afternoon. Please can you tell me whether an endowment policy that was taken out in order to pay off a mortgage can be required to be surrendered in the event of an IVA being arranged? Thanks in anticipation.
 
 

kallis3

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Post by kallis3 » Mon Jun 30, 2008 3:14 pm
Hi Dean, and welcome.

I would have thought that if it is required to pay off your mortgage that it would be ok, but I'm not sure.

Would it mature during the IVA or afterwards?
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MelanieGiles

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Post by MelanieGiles » Mon Jun 30, 2008 3:30 pm
You will find that creditors will require you to surrender the policy so long as it has not been directly assigned to your mortgage company.
Regards, Melanie Giles, Insolvency Practitioner
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