Debt in retirement

alastairq

it isn't so much 'legal' advice which needs to be sought...but 'debt' advice.

CAB, etc, will give options once the levels of debt, type of debt and SOA are scrutinised.



However [sorry I didn't get back earlier].....the advantage..in a way...of retiring [an issue facing me too]....and simply living off a meagre pension [not forgetting the State contribution?]...is, if you have nothing, there is little a creditor can do but be annoying.

An issue with BR, and being a private tenant, is whether there are any 'BR' clauses in the tenancy agreement?

Retirement is in May, There is a smallish work pensions which I am converting into a annuity, But If I take an amount in cash, I will have even less to live on.

Should I notify the Debt Managemen company, So the creditors ultimately make me Bankrupt, or should I apply for bankruptcy myself ?
If I do it myself, How much does it cost, as I dont have much money in the bank.

I would be inclined to take the cash proportion , leaving a smaller pension income for a couple of reasons.

[1] no one knows how long they will live.......realising some of the pension pot as an immediate payout means you actually have more, immediately, to use as you need.

[2] having less personal pension income may allow you to qualify for certain benefits available to pensioners.....many find their 'private' pensions simply take them slightly over the threshold for qualifying for LA assistance, leaving them all alone to meet payments....

Might be worth considering [and being mercenary as a pensioner is no real moral issue, IMHO]

Tominthemiddle

Thanks Alastairq

I thought you'd gone missing !! Ha Ha

Thanx for your good advice, I will look into my tenancy agreement and see if there will be any problems if I go down the route of Bankruptcy.

Letters through the door, I can deal with using my shredder, Its the knock on the door that I will have problems with.

As for taking a lump sum, I beleive this is the right option too.

Thanx again :T

Tominthemiddle

luvchocolate

On the subject off retirement/pensions I would have a chat with age uk so you can understand the amount you can have and take pension credits which will give you housing allowance then you will see either take a lump sum and a smaller pension or lump sum.....the more information you get the better. As Pippa said the debt charities are there to give br advice which you must have before going to court.
I am approaching retirement so I am doing as I suggest you do. Good luck