Hi all
Im a first time poster so I hope this is the right group. I currently have two Ark Life polices (Euro Tracker and Accumulator) due to mature in February 2017.
However I need the money now and cannot wait until then. The situation is as follows. My husband partially owns a house in negative equity which we currently live in (essentially renting it). The other party has run off to the UK, married and owns a house there and has nothing to do with it only in name. We currently have one child and one on the way and at the moment if anything were to happen him I would essentially only have half a house as we don't own it outright and cannot unless I take on the negative equity which I won't do as I don't even want to live where it is.
So our plan is to buy another house between us and rent out this one until he can finally offload it ( currently approx 80,000 negative equity). (We have already explored various options of taking on the current house etc but none of these really work as I don't want to take on this loan and allow the other party get away completely scot free!)
I have a reasonable amount of savings (2/3 of the deposit we need) however with the new 20% rules I just don't have enough so need to cash in at least one of these funds if not both. I spoke with Ark life on this and they said I would need to present a hardship case to have any chance of getting early access to my money. A house has come on the market that we are really interested in and are currently bidding for so I would like to go ahead and do this.
What I need advice on:
1. With the situation outlined as above what is the best way to present my case for successful early encashment? I have no idea how difficult this or what I need to demonstrate. I am worried that they will not see our need for a house as great enough as lots of couples are living in rental accommodation.
2. Would I be best to get the help of a solicitor in doing this?
3. Would I have a better chance of just cashing in one or should I just go for broke and ask for both?
Any help would be appreciated.
Georgie
Im a first time poster so I hope this is the right group. I currently have two Ark Life polices (Euro Tracker and Accumulator) due to mature in February 2017.
However I need the money now and cannot wait until then. The situation is as follows. My husband partially owns a house in negative equity which we currently live in (essentially renting it). The other party has run off to the UK, married and owns a house there and has nothing to do with it only in name. We currently have one child and one on the way and at the moment if anything were to happen him I would essentially only have half a house as we don't own it outright and cannot unless I take on the negative equity which I won't do as I don't even want to live where it is.
So our plan is to buy another house between us and rent out this one until he can finally offload it ( currently approx 80,000 negative equity). (We have already explored various options of taking on the current house etc but none of these really work as I don't want to take on this loan and allow the other party get away completely scot free!)
I have a reasonable amount of savings (2/3 of the deposit we need) however with the new 20% rules I just don't have enough so need to cash in at least one of these funds if not both. I spoke with Ark life on this and they said I would need to present a hardship case to have any chance of getting early access to my money. A house has come on the market that we are really interested in and are currently bidding for so I would like to go ahead and do this.
What I need advice on:
1. With the situation outlined as above what is the best way to present my case for successful early encashment? I have no idea how difficult this or what I need to demonstrate. I am worried that they will not see our need for a house as great enough as lots of couples are living in rental accommodation.
2. Would I be best to get the help of a solicitor in doing this?
3. Would I have a better chance of just cashing in one or should I just go for broke and ask for both?
Any help would be appreciated.
Georgie