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T O P I C R E V I E W
Andy101
Posted - 04 December 2008 : 05:56:36 I went BR in 1993 and OR took details of my personal pension plan. I knew that an attachment had been made on the plan and so it has come as no surprise to receive a letter asking if I want buy back the plan from the OR. The non protected part of the plan has around 26K in it now and the OR wants 45% of this from me if I wish to buy it back. There is no way I can afford this so it seems in 12 months time (my 50th birthday the OR will 'cash in' my plan, take the 25% cash lump sum and the next 5 years payments.
My questions are: 1) It has been 15 years since my BR - surely the debts would have been written off by the companies concerned - the biggest debtor is no longer in existance!, so what happens to the money if there is a surplus?
2) The protected rights cannot be touched but as the OR is in effect cashing in all of the policy do I have to buy an annuity or whatever with the protected part of the plan or can I keep it going until I wish to redeem it?
Many thanks in advance for any advice given.
4 L A T E S T R E P L I E S (Newest First)
Andy101
Posted - 07 December 2008 : 18:37:44 Thanks for the info guys - I will give the number a ring as well to find out any more - will post what happened on the board.
Reviva UK
Posted - 05 December 2008 : 23:47:54 Hi Andy
you will need to speak to an FSA authorised person regarding the pension as part of the answer is actually financial advice - and the experts here are not legally authorised.
Regarding the money collected - this will be shared out by the creditors as a pro rata dividend. If one creditor is no longer there then they would not benefit.
You must also have realised now that your trustee may well have significant charges each year to manage the situation.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
Sorry i am not sure on this one as it goes under the older BR rules.
You could give the helpline a call and see if they can answer you directly, that number is 0800 078 9367.
If they cant speak straight away leave a name and a contact number and they will get back to you.
LOL
Jo x
17 Weeks down 35 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Needafriend's Info on Bankruptcy :-) http://debtfreejo.blogs.bankruptcyhelp.org.uk/ Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
Andy101
Posted - 05 December 2008 : 05:47:50 *Bump* Anyone any ideas?
