Brogden's Debt Disaster & Self Managed DMP!

Brogden

Ali-OK wrote: »

That's a seriously good outcome with Halifocks whilst chucking Wussie out yonder. Well done :T

:rotfl: at the management speak, I remember the days Have you got a window?

It's tricky deciding where to split the pounds, I spend probably too much time over-thinking and deciding then changing my mind and probably back again!

You're doing a grand job and ANY money off the debt is a result, going down wins every month

Are you referring to 'a window of opportunity' Ali?

If so...yes I think I have one but the glass is a little misted at the moment..........I am seeking total clarity and consistency of direction but am a little 'um ah' at present.......:) x

Brogden

Nearly weekend....sliding down the camel's hump.....towards his bum.....rubbish weather forecast....:(

Oh well......its the last day of the month and I have just done my pension calculation for deduction in the May payroll . I am mindful of the fact that I need to keep £350 for my second to last Halifocks Carboot payment but I am feeling reasonably well funded at the moment so.........

It is £608.23

And it's costing me £291.95

That's 52% relief (tax and ee's NI)

Somebody is going to say 'that's no good because you pay tax when you draw it.'

I would say 'probably and hopefully yes BUT I won't pay more than (currently) 15% (a quarter at nil and three quarters at 20% = 15% effective, overall.'

I would then continue to say 'I might be flat on my botty with no income at all in which case it could keep me from the doss house and I would pay no tax on it having earlier avoided 52%.'

I am happy this is the best thing for me to do but once I have taken myself sufficiently below the HRT threshold to be able to receive income with tax at 20% which is then paid to Mrs. B's pension for the 20% to be reclaimed I will start to further OP the mortgage - that's on £10 per month at the moment !

Why am I funding Mrs. B's pension? Because she will have thousands of unused allowance and I won't :mad: !! This money can then be taken all or in part to OP the mortgage further and errr........pay debts.......nearly forgot them in my testosterone rush !!

Stuck in a shocking 4 hour traffic jam yesterday I finally read my Defined Benefit Scheme annual statement which I have had for about three months ! It made reasonable reading so quite happy although I know there are people in my position much better off on the pension front.....but there are much worse too .

There are people with no debts......there are people with worse debts than me so I mustn't compare with others or get too envious but must quietly and in a (hopefully) mature manner stick to the straight and narrow and keep going.

I wouldn't be better or happier if I was a millionaire........everything will be all right if everything is all right !!

Brogden is mellowing with age........:D

Puzzcat

So brogs, if I win big on the lottery you don't want a share? I'll give your slice to the cat's home....:D

Puzz.x

Brogden

Puzzcat wrote: »

So brogs, if I win big on the lottery you don't want a share? I'll give your slice to the cat's home....:D

Puzz.x

Puzz...I just never thought in the excitement of your big lottery win you would ever have spared a thought for little old me !!

I'm duly humbled........please don't let me put you off though.....cats don't need money !!

Brog x

Ali-OK

Brogden wrote: »

Are you referring to 'a window of opportunity' Ali?

If so...yes I think I have one but the glass is a little misted at the moment..........I am seeking total clarity and consistency of direction but am a little 'um ah' at present.......:) x

Oops I meant to reply to this..how rude of me Yes, spot on, also a window of time used to make me :mad: Why not just say 'Need a 30 min meeting on x, y, z'.

That's an excellent return on the pension payment, a no brainer when you explain it so thoroughly like that.

:rotfl: I'd be happy if I was a millionaire, would give up work and become a professional spreadsheet fiddler (new non-job ) chasing interest and bugging Lilt where to invest

AlexLK

Ali-OK wrote: »

professional spreadsheet fiddler

:rotfl: :eek: :rotfl: Sorry, but that deserves quoting.

Verbatim

Perfect sense Brogden! You sound sorted! It's great to see your planning coming to fruition.

Brogden

Ali-OK wrote: »

Oops I meant to reply to this..how rude of me Yes, spot on, also a window of time used to make me :mad: Why not just say 'Need a 30 min meeting on x, y, z'.

That's an excellent return on the pension payment, a no brainer when you explain it so thoroughly like that.

:rotfl: I'd be happy if I was a millionaire, would give up work and become a professional spreadsheet fiddler (new non-job ) chasing interest and bugging Lilt where to invest

I am pleased to say that nobody has ever requested 'a window of time' with me although I have been informed that I have missed many 'windows of opportunity.'

Whilst the sci-fi vibe of 'a window of time' may be pleasing to me when letting my mind run wild, in the workplace it sounds absolutely pathetic and could only be uttered by a complete and utter t*t!!

ooooh.......better calm down......work to do!

xx

Brogden

Verbatim wrote: »

Perfect sense Brogden! You sound sorted! It's great to see your planning coming to fruition.

Thanks Verb but I am not 'sorted.'

The success of this little pension venture really depends on the job being an ongoing thing for a good few years.......and........anything can happen :eek:!! If we think hell can't freeze over well.......it probably can when my management is involved and don't bet on Chelsea to beat a young lad's kick about team because they maybe can't. :cool: You know what I mean .

The comforting and improved thing (thank you so much Conservative politicians) is that it IS worth saving in pensions now, even if we only accrue a very small fund before getting kicked out of our jobs.

Going back a year there was little incentive. It is b#ll-breaking building up a fund of (say) £100,000. Lovely to have the tax and possibly NI relief but the thought that after taking 25% tax free lump sum the remainder would by a loaf of bread or two was not good. If I get kicked out of work after only amassing a fund of (say) £5,000, it is all real money and I can get at it and use it to pay a debt / a fine (non due!) / keep the wolf from the door etc.etc. Tax? possibly.......possibly not .

This is not great political policy by the Tories by the way. Think of an avant garde abstract artist randomly hurling paint at a canvass. It could be a complete mess and for some pension freedom will be. For me, just this time around the picture this randomly hurled paint forms is really very pleasing !!

Have a great day,

Broggers x

Puzzcat

Morning Brogs,


I haven't a scooby doo what ya chat is about but it all sounds great...!! You are far superior to me in the world of pensions and politics..


Just thought I'd let you know I've bought that lottery ticket...:D


Love Puzz. x