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    • another casualty
    • By another casualty 28th Oct 15, 9:15 PM
    • 2,588Posts
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    another casualty
    Quit everything , and start again over 50?
    • #1
    • 28th Oct 15, 9:15 PM
    Quit everything , and start again over 50? 28th Oct 15 at 9:15 PM
    MSE Insert:

    18 months on from another casualty's original post they've done it and started again. Read the next instalment here: I've quit everything, now what?

    Back to another casualty's original 2015 post...

    ----



    Hello everyone. Haven't been on here for a few years, but this is my second thread tonight
    My situation: Lovely 2 bedroom maissonette in Twickenham , complete with garden and parking space .
    Know virtually nobody here now . (people moving away etc)

    Working : permanently employed Salary £24,500 + ot

    Debts: inc. mortgage £105,000 approx

    Property worth : £400,000 approx.

    I have had 7-8 years of hell , and I know I'm not the only one
    Haven't had a holiday for years. Been in debt for years, before getting a DMP in 2012.
    My friends are moving away / married etc.
    The place of employment , was a place I didn't want to be in for many years . Joined as a temp in the recession 2007 , and made perm 2009. Things have improved in one way, but are bad in another. For example, my backstabbing colleague and my self get on now since 2012. My boss retired , and now the Personnel officer
    is now my boss.She is rude and incompetent.
    My health suffered last year, and I now have Myasthenia Gravis and am slowly getting back on the mend via steroids.Oh, and I put my brother up for 5 years. He paid £400 a month, but not all at once and I was always chasing him. He was a nightmare , but I have my space back now
    So, with all of the above , I do wonder if I should just quit and start again.BTW, my boss criticised my appointments, I snapped and am now on a final warning for 2 years. I didn't swear/threaten etc. I just shouted as colleague to boss.
    My friends say that I cannot afford to live in London and should buy a place somewhere else and put a sum of money away.
    They even say that I could sell my flat and go travelling for a couple of months. Am I too old for this now?

    I must admit I am getting fed up of London , but I have lived there all of the time , mainly the Borough and Twickenham.
    I wouldn't want to move to anywhere else in London . Twickenham is very pricey as you know.

    Please feel free with suggestions you may have, and thanks for looking




    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Andrea; 04-04-2017 at 11:29 AM.
Page 223
    • harz99
    • By harz99 11th Mar 17, 12:36 PM
    • 2,410 Posts
    • 2,356 Thanks
    harz99
    Sounds good AC, you're obviously happy with all the research and documentation available now.


    Have you decided which room is to be your/the main bedroom, obviously we only have the pics to go by, but I would favour changing the two rooms over and using the more private one (currently lounge) to sleep in - just a thought before you decorate.


    Oh and don't forget to get the door lock(s) changed as soon as you have the keys!


    Also, if you want home food deliveries, register with whoever at the new address asap (as soon as you've exchanged if moving in quickly), as some supermarkets can be incredibly slow setting up new accounts.


    Soon be 101 different things to sort out!! Happy days eh.
    • another casualty
    • By another casualty 11th Mar 17, 1:32 PM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Thanks very much harz
    The way this was going , it was heading towards the length of my sale last year.
    Funny enough, we mentioned swapping the rooms on the 2nd viewing I had there .
    Yeah, gotta look at home deliveries etc.

    Great tip about the locks.Thanks!

    The good thing is, I'll have time to design the place the way I want it.
    • dreaming
    • By dreaming 11th Mar 17, 5:28 PM
    • 644 Posts
    • 2,750 Thanks
    dreaming
    All systems go now then AC - good news. Sounds like all the questions have been resolved to your satisfaction. Looking forward to the next chapter.
    Just been for lunch with youngest, and a walk round the shops. All I bought was some potato grow bags in Wilkos - last of the big spenders me! Feel stuffed so will just have some toast or something later on. Feeling very sleepy too with carb overload! Best way to spend a Saturday in my opinion.
    • another casualty
    • By another casualty 11th Mar 17, 5:35 PM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Watching the rugby . Trying to keep awake . Scotland awful
    • copperjar
    • By copperjar 12th Mar 17, 9:52 AM
    • 872 Posts
    • 1,981 Thanks
    copperjar
    Glad you've made the decision AC and you're feeling positive. It's a lovely flat and I'm sure you'll be happy there. Exciting times ahead!
    Total debt 1.11.10 £23,446
    Save £6k in 2015 #129 £6121.66/£6000
    Save £6k in 2016 #39 £6000/£6000
    • harz99
    • By harz99 12th Mar 17, 10:50 AM
    • 2,410 Posts
    • 2,356 Thanks
    harz99
    AC this may interest you, but if your going to do it make it soon rather than later, and certainly before the Budget on March 8th in case things change.


    http://www.hl.co.uk/pensions/sipp/how-much-can-i-invest


    Basically invest the total of your earnings this tax year, hold it in cash, the Government will add an extra 20%, then once you reach age 55, move the pot into drawdown, take the maximum lump sum and the rest over however many months you wish from the options.


    If you need help go over to the Pensions section of Essential Money on this site, plenty of help there.


    Been doing something very similar for my wife who is a non taxpayer and gets £720 extra on £2880 paid in.


    The extra you get would pay for those carpets...
    Originally posted by harz99

    AC, you were talking about pensions a little while back?


    So you can set up a SIPP before 5th April relating to your this tax year's earnings to 5th April 2017 (getting a fair chunk added from HMRC).


    Leave the money in cash in the SIPP then set up a regular drawdown at some point in the future (maybe when you have ascertained that you can/can't work) to provide a monthly income.


    The point being that HMRC will add substantially to your "pot" each time you contribute to a SIPP.


    However, to benefit from this you need to set up the first SIPP before the end of this month, otherwise as I understand it you will lose the opportunity to base it on your earnings for tax year ended 5th April 2017.


    I would take advice from the experts on the Pension pages here as a matter of urgency, they are generally very helpful.


    HTH.
    Last edited by harz99; 12-03-2017 at 11:08 PM. Reason: amended due to me giving incorrect information
    • another casualty
    • By another casualty 12th Mar 17, 12:44 PM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Thanks copperjar & harz !
    Thanks for that good bit of advice there harz.
    Pensions are a necessity , but one of the most complicated pita
    to understand . Yes , I will contact someone on the pensions forum this week . It's amazing how many people,even in well paid jobs haven't got a pension . I just realised I have 3 albeit small pensions . The latest being in the job I just left . Roughly about 6 years .
    I have loads of boxfikes in storage , which will probably be reduced to about 4 contains the important things you need . That's another thing I did when I had my head in the sand : I looked at things once and stuck them somewhere to be looked at in the future . Lots of overfilled boxfikes

    I was getting a bit philosophical this morning .
    I was thinking that in essence , I was flogging myself to death while thinking 'keep the flat . Don't ever leave ' / 'Don't attempt to leave your job
    You'll never get another one . ' / 'Keep going or you'll affect your pension .'
    There were many times when I had a few palpitations every day . Never told anyone . Even the doctor . When I first got told of high blood pressure , I refused to acknowledge it . That was back in July 2011. Just before my birthday in the same year , I took the medication at the time . It was only one tablet 5mg. Nothing in the scheme of things .
    Combine everything ,and it just come down to 'the future' 'stick it out .'

    Thankfully, I've been very lucky and have been able to do something about it . I feel for those who can't . It's like those adverts on tv . They tell us we should plan for our own funeral . Grave situation etc.

    While I will obviously have one eye on the future ( the other one is weak ),
    I have gone back to being calm , and aim to be that way as much as possible . Sure think about the future , but don't let it ruin or takeover your life
    • lessonlearned
    • By lessonlearned 12th Mar 17, 2:10 PM
    • 9,603 Posts
    • 53,850 Thanks
    lessonlearned
    Great post there, AC. So good to see you sounding so much more positive. It's all about balance, yes plan for the future but at the same time enjoy the present. And yes whilst it sounds daft, "gratitude" is so important. We all get down at times - I had a very sad few days a couple of weeks ago... but deep down I know that I am fortunate. And I usually bounce back fairly quickly.

    A glorious day here, a really Lovely spring day. I have spent a happy hour or so in the garden, repotting some shrubs and having a general tidy up, clearing up winter debris.

    Am now lounging in my zero gravity recliner, resting my aching back.

    I am in a sunny sheltered spot in the garden soaking up the sun and just "chillin" and chatting to my boyfriend GAbriel. White blonde hair, piercing blue eyes, gleaming white teeth and a honey golden skin, tall and handsome as befits his Viking heritage. (He's Lithuanian)

    .........and at just 4 years old an absolute heartbreaker.

    Ha ha.....had you going there.....

    DS2 is on catering duties today -I think he's finally caught the cooking bug so I'm just enjoying the chAnce to soak up a few rays. Will try and summon Up the energy to go for a walk.

    I need to get my step count up. Got the itinerary for the Baltic cruise. St Petersburg means a LOT of walking and hundreds of steps. I've got 8 weeks to get fit enough.......

    AC. Definitely take a look at that SIPP Harz told you about. It's a good deal if you are eligible. I looked at it for myself but unfortunately it's not right for me but i would think it would suit your circumstances very well.
    Last edited by lessonlearned; 12-03-2017 at 5:30 PM.
    • enthusiasticsaver
    • By enthusiasticsaver 12th Mar 17, 4:50 PM
    • 3,552 Posts
    • 6,193 Thanks
    enthusiasticsaver
    I second Harzs advice re SIPP. I have just done this myself as I am still working part time so put £8k in which will be maxed to £10k in March by HMRC. I will do the same for 2017-2018 after April but as I am only working unti December when I retire early it will be a lower amount. Don't forget to allow for your pension contributions from last April until October.
    Debt and mortgage free and saving for early retirement
    • harz99
    • By harz99 12th Mar 17, 6:23 PM
    • 2,410 Posts
    • 2,356 Thanks
    harz99
    I second Harzs advice re SIPP. I have just done this myself as I am still working part time so put £8k in which will be maxed to £10k in March by HMRC. I will do the same for 2017-2018 after April but as I am only working unti December when I retire early it will be a lower amount. Don't forget to allow for your pension contributions from last April until October.
    Originally posted by enthusiasticsaver


    I'm no expert but this just seems a no brainer to do, even if AC only holds the SIPP money in cash, and then when the HMRC payment is made and he is 55 (December?), takes the tax free lump sum, and arranges monthly drawdown within his tax allowance to keep it tax free until all the cash has been returned to him.
    Last edited by harz99; 12-03-2017 at 11:04 PM. Reason: incorrect info given
    • another casualty
    • By another casualty 12th Mar 17, 8:11 PM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Thanks again .
    I will go to pensions board in a moment .
    • another casualty
    • By another casualty 12th Mar 17, 9:09 PM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Just thought I'd let you know that I've posted on the pensions forum.
    Bizarrely harz, that link you sent was Hargreaves lansdown.
    That's where my last company pension has ended up

    Once/ if I get the right answers to my questions, then hopefully I will start sipp asap
    Thanks
    • harz99
    • By harz99 12th Mar 17, 10:31 PM
    • 2,410 Posts
    • 2,356 Thanks
    harz99
    AC and others reading my earlier posts - I've been corrected by JamesD from the pensions forum page that I am incorrect regarding basing the maximum payment into the SIPP on previous years earnings, it should be on current years earnings, in your case up to when you left employment. I did say I was no expert! I'll amend the posts later.
    • another casualty
    • By another casualty 12th Mar 17, 10:53 PM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Thanks harz .
    Pensions = complication
    • anna_1977
    • By anna_1977 15th Mar 17, 10:34 AM
    • 554 Posts
    • 751 Thanks
    anna_1977
    hey AC, all ready to exchange this week?
    • another casualty
    • By another casualty 15th Mar 17, 11:53 AM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Hi Anna
    Well, I've heard nothing for a change. I would assume that on Friday I would get the paperwork to sign and that's it .
    I sent email to my solicitor on Sunday , telling him I want to proceed with the purchase .
    It looks like the end of march , the flat will be mine .

    Forgot to ask : what's happening on your side of things ?
    • anna_1977
    • By anna_1977 15th Mar 17, 11:56 AM
    • 554 Posts
    • 751 Thanks
    anna_1977
    Exciting times for you I'm really pleased you've found somewhere.

    Well, things have changed for me.

    I had planned to put the house back on the market about now but....

    ...My boyfriend (god I detest that word for someone my age...39!) has given up his rental property and last weekend moved in with me. This means I really don't have to sell and can start paying off my debts at a pretty speedy rate I hope.

    I'm going to be approaching creditors soon with some F&F figures which would be a relief.
    • another casualty
    • By another casualty 15th Mar 17, 12:35 PM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Thanks Anna .
    Sounds like things are falling into place for you too .
    Great stuff !
    Don't you mean , your 'partner' has moved in with you ?
    I'm in a similar position regarding dettlements etc.
    The plan for me , is to let payplan get back to me in June as promised
    If that doesn't work out ,,I'll phone the creditors ( probably more than once ), and get the best price I can .
    Last edited by another casualty; 15-03-2017 at 12:39 PM.
    • MrsPorridge
    • By MrsPorridge 18th Mar 17, 6:08 PM
    • 1,548 Posts
    • 1,739 Thanks
    MrsPorridge
    Any news AC?
    Getting back on Track
    • another casualty
    • By another casualty 19th Mar 17, 4:32 AM
    • 2,588 Posts
    • 3,985 Thanks
    another casualty
    Not yet mrs. P
    I guess everything takes time . I would expect the formularities this week . I received an email from the Lettings agency asking me , if I need to extend contract after end of may . I haven't replied just yet, for obvious reasons .

    I almost forgot, that for the first two months, I'll be paying 2 lots of council tax . Not too much of an issue , but I'll have to watch things.
    For example , I'm currently not paying water rates. From April, I will be . Only for 1 property though.

    I will be paying for 2 lots of energy bills also. I'm still having Jip with utility warehouse at present. I'm paying estimated bills, as the meter is faulty and they haven't rectified the problem. I threatened to go to the ombudsman. They are more aware now, but are a mess.
    I just don't want my last one or 2 bills to be astronomically high because of their incompetence .
    I think that's everything covered, for now
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