| T O P I C R E V I E W |
| trevor.w |
Posted - 15 July 2008 : 12:55:07
i am self employed newsagent & turn 65yrs
end of this month. a single parent with 12yr
old child.No assets eccept £500 vehicle.A very small pension is due with £1600 lump will this be affected when i declare bankruptcy.
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| 8 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 15 July 2008 : 15:32:16
quote:
Originally posted by Suzanne
Jo
It may be nothing to worry about as the civil service have been very careful to protect pensions from bankruptcy so there is probably no value to the bankruptcy estate.
To buy back a life policy is usually only a minimal amount, but depends on the premiums, so you are best discussing this with the examiner.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
Suzanne
Im just adding the policies to the SoA and it is for a joint mortgage protection life policy i added the info now its asking for any concerns over the policy. Is that the mortgage co or my husband
Please advise
Jo
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| Suzanne |
Posted - 15 July 2008 : 15:24:37
Jo
It may be nothing to worry about as the civil service have been very careful to protect pensions from bankruptcy so there is probably no value to the bankruptcy estate.
To buy back a life policy is usually only a minimal amount, but depends on the premiums, so you are best discussing this with the examiner.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| Needafriend |
Posted - 15 July 2008 : 15:21:44
Hi Suzanne
They will want £1000's to buy it back the life policies and they are only life no cash back, so is it worth it. If we dont buy the policies back when can we obtain new ones and do we have to still pay into the old ones after discharge. We wont be able to do that we have no additional money thats why were going BK.
How do they work out how much to buy it back for,
Whe u say lapse that means we have to keep that one going as well as a new one.
Will they only want the life policies if they are cash back values.
Thanks
JO |
| Suzanne |
Posted - 15 July 2008 : 14:37:38
Jo
You will need to declare the Army pension to the OR but they will just put them on notice in case it does become payable before discharge, or in case there is a cash amount that can be release now.
The life policy is an asset that vest in the OR until you buy it back. If anything were to happen to you at any time the OR would have a claim, even after discharge. The only way to protect beneficiaries is to buy back the policy or allow it to lapse and obtain a new one after discharge.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| Needafriend |
Posted - 15 July 2008 : 13:51:32
So Suzanne
My husbands is not due for about 18 to 20 years to claim. After the discharge they wont touch this and we are not inreceipt of it yet and wont bill as hubby only 37.
They dont automatically put a charge on it for the next 18 years till we get it or take it now as payment toward the debt.
So they are not going to keep the money from it once we get to 60 or so and take it then, if they dont get it now or before discharge they leave it.
Is that right. Also we have life assurance which is life only and we dont get cashback, do i have to buy that back from OR. As its not a savings scheme just life and thats it.
Jo
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| Suzanne |
Posted - 15 July 2008 : 13:38:03
The OR can only claim benefit from pensions that are due. If this pension is likely to become payable before your hubby's discharge from bankruptcy then it will be affected by his bankruptcy.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| Needafriend |
Posted - 15 July 2008 : 13:30:23
Hi i have a quesiton about pensions. My hubby has an army pension that is onl hold from when he left the army 1998 until he is 55 or 60 will they take that too as we dont even know how much it is or even how to claim it as our solicitors have it in their vault.
Please advise
Thanks |
| Suzanne |
Posted - 15 July 2008 : 13:27:09
Hi trevor
Yes the pension will be affected. The OR will expect you to pay the lump sum into your estate, and will include the monthly pension amount in your income for calulating any surplus you may have.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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