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  • FIRST POST
    • Stevekendal
    • By Stevekendal 28th Nov 17, 12:50 AM
    • 4Posts
    • 0Thanks
    Stevekendal
    Pensions and debt recovery
    • #1
    • 28th Nov 17, 12:50 AM
    Pensions and debt recovery 28th Nov 17 at 12:50 AM
    I intend to carry on working for the forseeable future. But If I claim my two small private pensions will any old debtors automatically find out and grab any lump sums that might be coming?
Page 1
    • tibbles209
    • By tibbles209 28th Nov 17, 7:27 AM
    • 68 Posts
    • 139 Thanks
    tibbles209
    • #2
    • 28th Nov 17, 7:27 AM
    • #2
    • 28th Nov 17, 7:27 AM
    Who do you owe money to? Are you not intending on repaying them?
    • Clifford_Pope
    • By Clifford_Pope 28th Nov 17, 8:33 AM
    • 3,414 Posts
    • 3,503 Thanks
    Clifford_Pope
    • #3
    • 28th Nov 17, 8:33 AM
    • #3
    • 28th Nov 17, 8:33 AM
    any old debtors automatically find out and grab any lump sums that might be coming?
    Originally posted by Stevekendal

    You mean creditors? Debtors are people who owe you money.
    • Stevekendal
    • By Stevekendal 28th Nov 17, 10:58 AM
    • 4 Posts
    • 0 Thanks
    Stevekendal
    • #4
    • 28th Nov 17, 10:58 AM
    • #4
    • 28th Nov 17, 10:58 AM
    Yes, creditors. I was just.meaning would my creditors be notified and then claim the total outstanding, whereas if I didn't take lump sums, just carry on making regular payments?
    • AnotherJoe
    • By AnotherJoe 28th Nov 17, 11:13 AM
    • 7,674 Posts
    • 8,287 Thanks
    AnotherJoe
    • #5
    • 28th Nov 17, 11:13 AM
    • #5
    • 28th Nov 17, 11:13 AM
    Not automatically. How would a pension company know who your creditors are?
    • Stevekendal
    • By Stevekendal 28th Nov 17, 12:48 PM
    • 4 Posts
    • 0 Thanks
    Stevekendal
    • #6
    • 28th Nov 17, 12:48 PM
    • #6
    • 28th Nov 17, 12:48 PM
    I only ask because on the application forms it says that they carry out an id check for purposes of fraud prevention and debt recovery.
    • Silvertabby
    • By Silvertabby 28th Nov 17, 1:07 PM
    • 1,931 Posts
    • 2,440 Thanks
    Silvertabby
    • #7
    • 28th Nov 17, 1:07 PM
    • #7
    • 28th Nov 17, 1:07 PM
    I only ask because on the application forms it says that they carry out an id check for purposes of fraud prevention and debt recovery.
    ID check is to ensure that they pay the money to the right person, and not to some scam artist who just happened to find a copy of your pension statement in your bin.

    Debt recovery I'm not sure about - unless it's under the same terms as public sector pensions. They link with the DWP to ensure that the pension income is taken into account when assessing means tested benefits.
    • dunstonh
    • By dunstonh 28th Nov 17, 1:12 PM
    • 89,899 Posts
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    dunstonh
    • #8
    • 28th Nov 17, 1:12 PM
    • #8
    • 28th Nov 17, 1:12 PM
    Bankruptcy is the thing they are looking for. Not debt management/reduction plans.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Keep pedalling
    • By Keep pedalling 28th Nov 17, 1:57 PM
    • 4,076 Posts
    • 4,439 Thanks
    Keep pedalling
    • #9
    • 28th Nov 17, 1:57 PM
    • #9
    • 28th Nov 17, 1:57 PM
    Bankruptcy is the thing they are looking for. Not debt management/reduction plans.
    Originally posted by dunstonh
    I think they may also look at IVAs, but I also would love to know why the OP does not want to do the honerable thing and pay off their creditors, despite having the means to do so.
    • Alice Holt
    • By Alice Holt 28th Nov 17, 8:23 PM
    • 1,583 Posts
    • 1,685 Thanks
    Alice Holt
    I think they may also look at IVAs, but I also would love to know why the OP does not want to do the honourable thing and pay off their creditors, despite having the means to do so.
    Originally posted by Keep pedalling
    Yes (it would need to be reported to the IVA administrator), and also DRO's.

    It would also need to be reported if the OP is in an ongoing debt management plan, as periodic financial updates will be required.

    If the debtor's financial position improves, it is expected that this is then reflected in payments to creditors.
    • Keep pedalling
    • By Keep pedalling 28th Nov 17, 11:14 PM
    • 4,076 Posts
    • 4,439 Thanks
    Keep pedalling
    Yes, creditors. I was just.meaning would my creditors be notified and then claim the total outstanding, whereas if I didn't take lump sums, just carry on making regular payments?
    Originally posted by Stevekendal
    If Steve Kendal is you real name they may already know by now
    • Stevekendal
    • By Stevekendal 29th Nov 17, 4:19 PM
    • 4 Posts
    • 0 Thanks
    Stevekendal
    Not even close!
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