Paragraph 9

After note 46, insert–

“46A

“Insurance payments” means any payments received under an insurance policy to enable payments to be made on:

(a)

a mortgage of your own home;

(b)

a consumer credit or consumer hire agreement regulated by the Consumer Credit Act 1974; or

(c)

a hire-purchase or conditional sale agreement as defined for the purposes of the Hire Purchase Act 1964.

The insurance payments will be disregarded to the extent that they do not exceed the amount necessary to enable the other payments mentioned above to be made. In the case of your mortgage , the amount to be disregarded will include any amount required to pay premiums on a buildings insurance policy required by the terms of the mortgage of your home.”.