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Topic starter
07/03/2016 4:36 pm
Good Afternoon,
I'm looking for a little help or advice.
I have currently completed my final payment to my trust deed, I've also paid a
3rd party nominal payment requested by the company & all has gone through fine.
I was advised last week that all was fine & my case was being handed to the closure team. Delighted as I was to here this, finally it's all over. I received a call today requesting the policy number of my personal life insurance at the request of my trustee, I do not have life insurance but was advised it has been implemented into the income & expenditure amounts throughout the review.
My 2 questions are:
1. Why does the trustee request this information? For what purpose would they need to have this?
2. Am I now in trouble because I have a policy implemented into my trusteed that I don't actually have l?
Any advice or help would be grateful please.
Thank you.
07/03/2016 8:30 pm
Welcome to the forum Anon30.
I think this is something that a trustee would usually expect to have on file throughout your trust deed. That's because they might have an interest in the proceeds of that policy if something had happened to you prior to your discharge. They might just be trying to complete their file now ahead of it being closed.
I'm not really sure about your second question. I'm not saying that this happened - but had you told them that you had this expenditure but in reality you did not, then they might consider that they should have collected higher payments from you during the trust deed. I think you'll need to wait and see how they address this side of things.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/03/2016 11:10 am
Hi Anon30 and welcome to the forum,
If you have a policy then the Trustee needs to establish what type of policy this is and to check if the policy has a surrender value or not.
I would speak with your Trustee and advise them that you don't have a policy. If you don't it could delay your discharge.
David is not currently posting in the Trust-Deed.co.uk forum
08/03/2016 1:37 pm
Do all life insurance policies have a surrender value?
Vickie Smith
08/03/2016 1:41 pm
Hi Lisa,
Generally speaking and in my experience life insurance policies do not tend have a surrender value.
Sometimes people are unsure what type of policy they have and therefore the Trustee will establish the type and make sure that they don't have a surrender value.
David is not currently posting in the Trust-Deed.co.uk forum
