Where do I start ?? Desperate for reasurrance.. SOA now attatched

itchyfeet123

strongboes wrote: »

Stop paying into your pension would be my first suggestion. This will make a big difference for you unless it affects any benefits.

I have to disagree on this. OP is probably getting employer matching of 100% or more, while her highest interest rate is 3.4%. Even when the 0% rates run out, if she ends up on a really extortionate rate it'll be in the region of 25%. Unless it gets to the point where she can't eat or the electricity is going to be turned off, it's worth contributing to the pension.

strongboes

itchyfeet123 wrote: »

I have to disagree on this. OP is probably getting employer matching of 100% or more, while her highest interest rate is 3.4%. Even when the 0% rates run out, if she ends up on a really extortionate rate it'll be in the region of 25%. Unless it gets to the point where she can't eat or the electricity is going to be turned off, it's worth contributing to the pension.

She can restart contributions at any time. Pensions are massively over rated, granted she will have a good one, but right now its not a priority.

The OP needs the mortgage in her sole name as she has stated, so maximising income for the short term say 12 months is absolutely her best option.

fatbelly

Although the house ownership is the main issue, there's no reason not to pursue the other things.

I wouldn't give up on tax credits - if you can get through the website to the point where they agree to send you a form you can then fill it out and make them do the calculation properly.

While you keep making those pension contributions, I think you will get something

http://revenuebenefits.org.uk/tax-credits/guidance/how-do-tax-credits-work/what-is-income/calculating-tax-credits-income/

However if you are in a Universal Credit area it may be a different story...

enthusiasticsaver

strongboes wrote: »

She can restart contributions at any time. Pensions are massively over rated, granted she will have a good one, but right now its not a priority.

The OP needs the mortgage in her sole name as she has stated, so maximising income for the short term say 12 months is absolutely her best option.

I would disagree with this massively. Not paying into a pension is turning down free money from employer and government by way of tax relief. Plenty of other places to cut first.

If you have a joint mortgage you will be named on deeds. Are you sure your husband was not added rather than being sole proprietor?

strongboes

enthusiasticsaver wrote: »

I would disagree with this massively. Not paying into a pension is turning down free money from employer and government by way of tax relief. Plenty of other places to cut first.

If you have a joint mortgage you will be named on deeds. Are you sure your husband was not added rather than being sole proprietor?

Tax relief isn't much use if she has to sell her home is it.

The only time it would be worthwhile is if she was earning just over 100k-123k

enthusiasticsaver

An NHS pension is one of the best ones out there. I am struggling with your logic as to why it is only worth anything for high earners.

Hobbies, holidays and reductions on food plus a decent divorce settlement will help the budget.

strongboes

enthusiasticsaver wrote: »

An NHS pension is one of the best ones out there. I am struggling with your logic as to why it is only worth anything for high earners.

Hobbies, holidays and reductions on food plus a decent divorce settlement will help the budget.

The op has significant debt, a mortgage which she needs to put back into her own name not with standing what has gone on with the deeds.

If she cant pass affordability she may have to sell the house as part of the divorce.

Given the circumstances it is definitely the best option to temporarily stop pension contributions.

It is highly tax efficient if your losing your allowance to regain it with pension, in the case of a high earner. In this case a year without contributions will make very little difference to retirement yet might allow her to keep the house.

We have no idea if the husband has any assets except for a car, it doesn't sound like it. She should get spousal maintenance though as part of divorce settlement depending.

enthusiasticsaver

strongboes wrote: »

The op has significant debt, a mortgage which she needs to put back into her own name not with standing what has gone on with the deeds.

If she cant pass affordability she may have to sell the house as part of the divorce.

Given the circumstances it is definitely the best option to temporarily stop pension contributions.

It is highly tax efficient if your losing your allowance to regain it with pension, in the case of a high earner. In this case a year without contributions will make very little difference to retirement yet might allow her to keep the house.

We have no idea if the husband has any assets except for a car, it doesn't sound like it. She should get spousal maintenance though as part of divorce settlement depending.

The Op will not be forced to sell unless she cannot meet the current mortgage which she currently can with a certain amount of economising. She is in a good position given she has a child and a full time job which would pass affordability if she gets rid of debt by selling the £5k assets and with her dad's help. In the end the husband may have to settle with walking away with nothing simply so the OP can take over the mortgage and he can move on. In the meantime he is liable for half the payments.

She needs good legal advice from a divorce lawyer. A knee jerk reaction on pension is not wise until she receives said advice.

kazza292_2

I have looked back at old letters.. The conveyancing team sent me correspondence about our Remortgage and Transfer of Equity back in 2011 , I am hoping that the attatched land registry which does say he is the registered proprietor is more of an add on to the original

kazza292_2

i have reduced house insurance to £19 pm and spread counciltax on 25% reduction over 12 months.. thanks for all your help