| T O P I C R E V I E W |
| Nigel.pr |
Posted - 21 October 2011 : 19:28:52
I am within 10 months of receiving an occupational pension which will provide a £50,000 lump sum. I have lost my job and have over £40,000 of debts. Will my future lump sum payment be protected if i am declared bankrupt now? |
| 6 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 24 October 2011 : 11:15:51
I can retire in two years time with a lump sum but I can defer it to whenever I like.
As Tracey says, check out your pensions office.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| Skippy |
Posted - 23 October 2011 : 10:32:58
I've heard about people deferring their pension so it's definitely worth checking the terms of your pension.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| debtinfo |
Posted - 23 October 2011 : 06:52:46
You may be able to delay or change the lump sum, it depends on the terms of the pension |
| Richard P |
Posted - 22 October 2011 : 20:08:08
NO Essie / Nigel
That will not work as it is still an asset.
choice you either use all of the money to clear your debts or you get someone to neogitiate on your behalf, the better negotiator they are and the debt is settled the more you have left over
as Viki states it may be appropriate to arrange a full and final IVA, gather some advice before you do anything.
Good Luck Richard,
|
| Essie |
Posted - 22 October 2011 : 12:36:49
Can you not delay the payment?
Finally got head out of sand in October 2010
BR March 2011
|
| Viki.W |
Posted - 22 October 2011 : 07:56:39
Hi Nigel,
No it will be at risk.
There are other options such as a lump sum full and final IVA or even negotiating with the creditors yourself depending on your circumstances and assets. It could then mean that you could retain some of the money for your ongoing living costs.
I suggest you speak to an expert and chat everything through.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
