| T O P I C R E V I E W |
| m88 |
Posted - 16 October 2009 : 19:51:33
chance to take pension early and lumpsum but have a window of between april 1st and 6th ,will be 8 months into BR then,if i dont get early discharge by then what are my options (will have to wait another 3 years if not using the window) thanks |
| 6 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 18 October 2009 : 10:16:50
Thats right M88, if you don't take it, it will be safe. |
| gettingoutofdebt |
Posted - 18 October 2009 : 10:16:31
The OR would check whether a lump sum were available if the pension were to be cashed in early. If it was then they would be able to claim this amount in order to pay your creditors.
During your BR the OR has complete control over your finances so any insurance policies, pensions, endowment policies, etc. that can be cashed in early for a lump sum will likely be claimed by the OR. |
| m88 |
Posted - 18 October 2009 : 09:45:31
i take it the lumpsum would only be available to OR if i decide to take it early ,and is safe if i leave the pension until the future.
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| gettingoutofdebt |
Posted - 17 October 2009 : 08:30:55
I doubt if the OR would have much sympathy. They are tasked with claiming as much money for your creditors as possible so if an option of a lump sum is available chances are the OR will claim it. |
| m88 |
Posted - 16 October 2009 : 20:43:48
thanks- obviously if i dont get early discharge,will leave it-ps would OR likely to have any sympathy towards my plight if i explained(doubt it )-thanks again.
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| Reviva UK |
Posted - 16 October 2009 : 20:27:32
Hi
on the statement of affairs you will have identified the pension and the Official Receiver will have started the process of investigating if any of your assets are able to be liquidated for the benefit of your creditors.
I would expect the OR to review the pension and if a lump sum is available during br they may well claim this amount.
pensions are a delicate and important thing. It is really important to get full advice about Br before taking the leap. The forum is great for individual questions and support but it really helps to have professional advice.
I fear that the lump sum may be lost.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
