Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Paying life assurance for someone you are no longer with

  • 01-08-2011 5:55pm
    #1
    gagiteebo
    Closed Accounts Posts: 524 ✭✭✭


    Hi all,

    I'll try make this as clear as possible as the situation confused me at first too!

    I have been with my boyfriend for over a year and we are living together. He broke up with his last partner 3 years previous to this. They had been together for 5 years. He has an eleven year old and she had an eleven year old too.

    His mortgage at the time was 1000 a month. One day in June she said to him that if anything happened to him herself and her daughter would not be taken care of. He put her name on the mortgage and took out the life assurance for all 4 of them, hers being the highest as she was/is a smoker.

    At the same time they took out a loan (in his name) from the bank and this loan was used to pay off her car and a few other bills of hers. Now he was foolish to do this and knows this and went against his gut but when you think you will spend your life with someone you do these things.

    Anyway first week in July she leaves him. Her car is paid for, her bills are paid for but he is left with the loan. His mortgage goes up to 1450 a month.

    At this time he also loses his business, he ran his own business successfully for 10 years. He is left with the mortgage plus the loan and the life assurance.

    He is working but in an industry that's very unstable in this climate so don't know how long it will last. He is 30,000 in arrears. He went in to talk to bank and they said they'd accept 1000 a month and they'd cap the arrears. We've made the payments every month but they haven't capped it like they said. The arrears keep going up.

    He is also still paying life assuarance on his ex and her daughter even though they are not together and she is not living here. Any letters he gets from bank about his arrears etc she also gets to her new address and has been going around telling everyone our business and laughing at him basically.

    The bank say they can do nothing about the life assurance.

    Now I'm not a legal expert but how should he still pay for all this?

    Any help please?


Comments

  • #2
    MagicSean
    Closed Accounts Posts: 9,897 ✭✭✭MagicSean


    He should see a solicitor to get her name off the mortgage. Then he can stop paying her life assurance.


  • #3
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    Can't see what there is to stop him from terminating premium payments on Life Assurance but be aware that any child of his whether born in wedlock or not has a right to claim on his estate should he die.


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Delancey wrote: »
    Can't see what there is to stop him from terminating premium payments on Life Assurance but be aware that any child of his whether born in wedlock or not has a right to claim on his estate should he die.
    her name is on the mortgage a lot of mortgages require life assurance for everyone whose name was on the mortgage


  • #5
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    CIARAN_BOYLE wrote: »
    her name is on the mortgage a lot of mortgages require life assurance for everyone whose name was on the mortgage

    The impression I have is that the Life Assurance taken out in this case is not directly related to the mortgage ?


  • #6
    Zambia
    Closed Accounts Posts: 7,333 ✭✭✭Zambia


    I get that to why life assure the kids for the sake of the mortgage? Putting her name on the mortgage was a huge error, making a Will would have done the trick just as well.


  • Advertisement
  • #7
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    CIARAN_BOYLE wrote: »
    her name is on the mortgage a lot of mortgages require life assurance for everyone whose name was on the mortgage
    But they are toothless to do anything if they stop paying up.


  • #8
    Zambia
    Closed Accounts Posts: 7,333 ✭✭✭Zambia


    If he defaults then she defaults as well by any chance is he in negative equity? That would change things.


  • #9
    gagiteebo
    Closed Accounts Posts: 524 ✭✭✭gagiteebo


    Zambia wrote: »
    If he defaults then she defaults as well by any chance is he in negative equity? That would change things.

    He is in arrears yes, how does that change things? I'm just trying to get as much information as possible!


  • #10
    Zambia
    Closed Accounts Posts: 7,333 ✭✭✭Zambia


    gagiteebo wrote: »
    He is in arrears yes, how does that change things? I'm just trying to get as much information as possible!

    If he is in negative equity and defaults she goes down as a debtor to the bank as well why would she want to remain on the mortgage?

    Is "Our man" correct could someone cancel their life assurance set another up and just inform the bank? As long as the correct amount is covered what could they do? Or could you just tell the bank you want her to pay life assurance best you ask her.


Advertisement