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Bankrupcy Advisors / Pensions / HELP!
hoping4better
Posts: 5 Forumite
I need to find a bankrupcy advisor. Someone who is really knowlegeable about pensions.
I am 63 with 75k in unsecured debts, 3k a month net income and no assets. I am married and I support my wife. I do have a final salary company pension plan. This scheme is approved by the Inland Revenue (the scheme managers assured me). I will get approx £8k per year from age 65, or else I can take a lump sum and get less. I choose which option 7 months before my 65th birthday. Of course, these days I can legally continue to work beyond then and I planned to do that, but I have been diagnosed with a heart condition and advised to quit work asap or at least do something less stressful. I am paying £1,700 a month of the debts (with £1,000 of that in interest) and I am running out of credit. I was told by one advisor on an enquiry call that if I continue to work beyond 65 and go for an IVA then they will certainly try to get a lump sum out of my pension, so I think BK is the only option. My understanding is that if I file more than 12 months before my 65th birthday, I will be discharged at 64 before my entitlement to the pension begins and the OR cannot touch it. But this advisor, albeit not a BK specialist, said that the OR could get a court order as part of the IPO and force the pension company to cough up a lump sum during the IPO period (after discharge). That has terrified me. My thought was that if I retire at 65 and I have opted for no lump, then my income vs. living expenses will be too low for an IPO/A and it will be written off.
Anyway, for all of the above reasons I need a real specialist in BK who knows from experience how this type of situation will be handled.
Does anyone have a recommendation PLEASE.
I am 63 with 75k in unsecured debts, 3k a month net income and no assets. I am married and I support my wife. I do have a final salary company pension plan. This scheme is approved by the Inland Revenue (the scheme managers assured me). I will get approx £8k per year from age 65, or else I can take a lump sum and get less. I choose which option 7 months before my 65th birthday. Of course, these days I can legally continue to work beyond then and I planned to do that, but I have been diagnosed with a heart condition and advised to quit work asap or at least do something less stressful. I am paying £1,700 a month of the debts (with £1,000 of that in interest) and I am running out of credit. I was told by one advisor on an enquiry call that if I continue to work beyond 65 and go for an IVA then they will certainly try to get a lump sum out of my pension, so I think BK is the only option. My understanding is that if I file more than 12 months before my 65th birthday, I will be discharged at 64 before my entitlement to the pension begins and the OR cannot touch it. But this advisor, albeit not a BK specialist, said that the OR could get a court order as part of the IPO and force the pension company to cough up a lump sum during the IPO period (after discharge). That has terrified me. My thought was that if I retire at 65 and I have opted for no lump, then my income vs. living expenses will be too low for an IPO/A and it will be written off.
Anyway, for all of the above reasons I need a real specialist in BK who knows from experience how this type of situation will be handled.
Does anyone have a recommendation PLEASE.
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