If you have an endowment policy that is not assigned to your mortgage lender, then it may have to be surrendered for the benefit of your creditors.
Alternatively, a third party could pay the equivalent of the policy’s surrender value and/or you could extend your payment period, therefore, allowing you to keep the policy. You will be given an allowance to maintain the monthly premium to the policy in your Sequestration expenditure.
For general advice on what happens to your endowment policy while in a Sequestration, or other formal debt solution – Give us a call today for informed debt advice. We’re always here to help.