I am turning 60 in one month. I have my own business which is very small and failing. I am finding it very difficult to make credit card payments, pay my bank loans, etc. and am pretty sure I will have to go bankrupt. My question is I do have a pension and am about to receive a lump sum in one month's time - it is very small and wont keep me going for too long so I am desperately afraid to have to use it as I will then be really really poor when I get older. I would like to ask my pension fund provider to hold the money - so I will not be totally poor paying bank loans for my failing business. This is within my rights I believe...Do I need to declare this pension when and if I am forced into insolvency???? Particularly if I am not receiving it yet??? And will this affect the small state pension I will start receiving??? Thank you...
Unfortunately, your lump sum would be affected by any insolvency proceedings. May I suggest speaking to one of my colleagues on the helpline who should be able to advise you further?
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
I am turning 60 in one month.
Posted - 10 December 2008 : 10:36:24
