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Pensions and debt recovery
Stevekendal
Posts: 4 Newbie
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?
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Who do you owe money to? Are you not intending on repaying them?0
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Stevekendal wrote: »any old debtors automatically find out and grab any lump sums that might be coming?
You mean creditors? Debtors are people who owe you money.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
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?0
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Not automatically. How would a pension company know who your creditors are?0
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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.0
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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.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.
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.0 -
Bankruptcy is the thing they are looking for. Not debt management/reduction plans.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Keep_pedalling wrote: »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.
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.Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.0 -
Stevekendal wrote: »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?
If Steve Kendal is you real name they may already know by now :rotfl:0
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