Paragraph 29

(1)

Subject to sub-paragraph (2), any payment received under an insurance policy taken out to insure against the risk of being unable to maintain repayments—

(a)

on a loan which is secured on the dwelling which the claimant occupies as his home; or

(b)

under a regulated agreement as defined for the purposes of the Consumer Credit Act 1974 M1 or under a hire-purchase agreement or a conditional sale agreement as defined for the purposes of Part 3 of the Hire-Purchase Act 1964 M2.

(2)

A payment referred to in sub-paragraph (1) shall only be disregarded to the extent that the payment received under that policy does not exceed the amounts, calculated on a weekly basis, which are used to—

(a)

maintain the repayments referred to in sub-paragraph (1)(a) or, as the case may be, (b); and

(b)

meet any amount due by way of premiums on—

(i)

that policy; or

(ii)

in a case to which sub-paragraph (1)(a) applies, an insurance policy taken out to insure against loss or damage to any building or part of a building which is occupied by the claimant as his home and which is required as a condition of the loan referred to in sub-paragraph (1)(a).

Annotations

Marginal citations

M1: 1974 c. 39.
M2: 1964 c. 53; Part 3 was substituted by the Consumer Credit Act 1974 (c. 39), Schedule 4, paragraph 22.

Notes on Schedule 5

Modifications

C1: Sch. 5 modified (22.11.2010) by The Jobseekers Allowance (Work for Your Benefit Pilot Scheme) Regulations 2010 (S.I. 2010/1222), regs. 1(2), 16