| T O P I C R E V I E W |
| kentmikey |
Posted - 06 June 2010 : 18:36:53
I have recently posted my intents of going bankrupt. I have two old company pensions (non contributory) last known value was around £30k in total. Is there anyway in which I could use these to clear my debt or to assist my bankruptcy?
Mikey |
| 4 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 25 June 2010 : 23:41:21
I am not a pensions expert.
However at the age of 50 you can draw down 25% of its value as a lump sum and take an annuity thereafter - you lose out a bit, but it may assist (if you are 50 plus that is).
It is known as a Buy Out Bond
Richard
quote:
Originally posted by kentmikey
I have heard back from the two pension providers, both have stated the earliest I can access this money is when I am 55 so that's another 16 years! The only circumstances that funds could possibly be accessed is due to poor health. So its fraustrating knowing this money is sitting in a pot but thats the way it has to be.
Mikey
"There are no problems - only solutions" |
| kentmikey |
Posted - 23 June 2010 : 17:49:04
I have heard back from the two pension providers, both have stated the earliest I can access this money is when I am 55 so that's another 16 years! The only circumstances that funds could possibly be accessed is due to poor health. So its fraustrating knowing this money is sitting in a pot but thats the way it has to be.
Mikey |
| Richard P |
Posted - 07 June 2010 : 12:03:30
you will need to speak to the pension provider and find out when you can withdraw cash and today surrender value.
Yes you can negotiate with this money to obtain a full and final settlement figure.
I would ask a third party to negotiate on your behalf (takes the emotion out of it) If you are prepared to pay a third party pay them based on sucess.
Paul @ reviva has a designated team member to negotiate with the banks, he is often able to obtain a greater discount because he is speaking to a bank on behalf of a number of creditors.
good luck Richard |
| debtinfo |
Posted - 06 June 2010 : 19:16:50
how old are you and when can you draw them |
