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 for the policy in your Trust Deed income and expenditure.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
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