Paragraph 30 I1

Northern Ireland

(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^f1 or under a hire-purchase agreement or a conditional sale agreement as defined for the purposes of Part VI of the Hire-Purchase Act (Northern Ireland) 1966^f2.

(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

Commencement

I1: Sch. 6 para. 30 in operation at 20.11.2006, see reg. 1(1)

Footnotes

f1: 1974 c. 39
f2: 1966 c. 42 (N.I.); Part VI was substituted by paragraph 49 of Schedule 4 to the Consumer Credit Act 1974

Notes on Schedule 6

Modifications

C1: Sch. 6 applied (with modifications) (1.4.2007) by The Rate Relief (General) Regulations (Northern Ireland) 2007 (S.R. 2007/204), regs. 1(1), 19(3)