Somewhere To Turn To ?

mark5

Good luck OP, I know all to well how a divorce/child maintenance etc can leave you in a position where you have assets you can’t access but are very cash poor and struggling to pay the rent or buy food.

ProDave

xylophone wrote: »

I think the OP (who is employed) is currently paying £1000 a month in rent.

He plans to buy himself a home with the PCLS so that he no longer has to pay rent.

Yes I know that. But if he is struggling for money, why pay £1000 rent if he could move to a smaller property with a lower rent. Presumably he will be happy to live in a smaller property he owns?

So I made the assumption he was living in the cheapest rental he could find. If not then that goes some way to explaining his financial situation.

xylophone

Yes I know that. But if he is struggling for money, why pay £1000 rent if he could move to a smaller property with a lower rent. Presumably he will be happy to live in a smaller property he owns?

So I made the assumption he was living in the cheapest rental he could find. If not then that goes some way to explaining his financial situation.

From what the OP said, it would seem that he was living beyond his means (for whatever reason) and hanging on in there until he could access the pension ( which arose from the transfer of a former employer's DB scheme).

One assumes that the £130,000 (+) PCLS will cover the purchase of a property he's content to occupy and the savings arising from the rent he'll no longer be paying will enable him to live within his means, pay off any creditors and rebuild his credit score.

Let's hope so!

k0349634

100% correct sir

atush

xylophone wrote: »

He says



This seems a very reasonable use of the PCLS!

I agree, i posted that from the previous page.