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Chainey

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About Chainey

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  1. Already been through pensionwise who couldn't advise because of the specific type of pension. Also been through two pension advisors as mentioned above x
  2. Please can someone help me :') I have a defined benefit pension with DHL … they call it a money purchase with guaranteed minimum pension underpin. I cannot access this pension when 55 or take any of the new options but I can transfer it out. My current situation is that we lost everything in the credit crunch, became homeless for 2 years but still tried to continue the business. An online hate campaign by a handful of florists, including death threats caused me to have a stress breakdown. This made me vulnerable and we were therefore housed in the worst council estate on Anglesey. It is so bad that they have now installed CCTV Cameras. I am on PIP, my partner is my carer and we are on income support. When I first realised how much was in the pension pot I spoke to the DWP and Income support. They confirmed that to completely draw down the pension to purchase a house would be fine and that we would only lose income support for the brief period that the funds were in my account. My health continued to deteriorate both mentally but mainly physically and the only thing that has kept me going knows I could access this pension at 55 and buy a house. Having a house with a workshop, which we have found would allow my partner to potentially start a business whilst still being on hand for me full time. The house also has a garden, which would be extremely beneficial to my health. I know of all of the other options and this is the best one for us. However one pension advisor was told he wasn't qualified to deal with this type of pension and so he passed it onto a comany called Pension Help but they have refused to do it. I know there are legit companies out there who will do it but it's like trying to find a needle in a hay stack. Please, please could someone help :'(
  3. I know we will have to pay tax and see a financial advisor but I have also been advised that it will not affect our state pension. I just don't understand which of the two amounts above is the one we will get before tax We are currently living in a terrible council flat which is making my mental and physical illnesses worse. We HAVE to get out of here.
  4. Hi all I hope someone can help me with this as I'm struggling to understand it. I'm 55 soon and want to draw down my pension pot to buy a house (lost ours in the credit crunch). The company I'm with don't allow that but they also don't charge for me to transfer it elsewhere. They have just sent me a statement and transfer out form. It says Current Value available for transfer £121K Value of GMP £88K Which is the amount I will get
  5. I know .... we've been doing lots of research on that too and we are priced out of most of the country ... but there are still pockets here and there. We have also looked at moving to Gran Canaria where the climate would be perfect for many of my health problems. I do know for sure though that I would lose the mobility aspect of PIP and also income support. My other half would therefore have to find some way of earning an income from home, in between caring for me. I'm almost sure we would lose pension credits too and have to take out health insurance so it's probably not doable.
  6. Thank you so much for a few things in that post ... as always, when I use CAG I do make a donation that I can afford
  7. Hi and thanks I've already checked all this out and it's fine .... Thing is the way my health is going I'm not sure I'll make 60. Spent all of my life trying to do the right thing and like I said, lost everything in the recession. I want to try to make the most of what time I have left
  8. Ain't that the truth! I'm guessing that we would lose the income support but PIP and Carers allowance aren't means tested so although we wouldn't have any spare money, we could survive. I suppose my biggest worry is how we would survive on basic state pension with no Pension Credits if that's what happens :/
  9. The rent is already paid by benefits so we would be saving them that outlay until we die ... It's not about investing in property it's about buying a home using the money I paid into a private pension for years for. It seems that everywhere I look says it depends on what you drew your pension pot down for and spent it on. That is decided at the time by DWP as to whether you did it to claim extra benefits ... totally confused and stressed by all this
  10. Hi and thanks for the response. I have already checked and would net at least £80K after charges. I'm pretty certain we would lose the income support (or at least my part of it) My biggest concern is whether at 65 pension tax credits would be affected.
  11. Hi all ... Hope this is the right place to post this. Having lost everything in the recession I then suffered a major breakdown and now have Complex PTSD and fibromalgia amongst other illnesses which are all getting worse. After two years of being homeless myself and my partner were given a council flat. Our neighbours are the local drug dealers and generally bad things happen daily. I now won't go out of the flat at all. I have a pension which I could cash in in 18 months and I wanted to do this and buy a small cheap house. I currently get PIP and my partner gets carers allowance and we get income support which I apparently claim for us both. I don't really understand it all as the CAB sorted it out for us. If I did cash in my pension and buy a house would our income support stop. Also would this affect my state pension when I get to retirement age. Someone told me that we wouldn't be entitled to pension credits. Thanking you in advance for any advice you can give.
  12. You are onehelluvawoman word-soup. I really hope you have found some happiness in your life since (apart from your children who I'm sure kept you going). I mean happiness and peace just for you
  13. Thank you so much everyone so far both for your good wishes and your help. I have sent Les' Daughter a link to this thread and she can decide whether to let her Mum and Uncle see it and hopefully she/they will join to give first hand details. Word-Soup you really are a star
  14. It is with great sadness that I am updating this thread and asking for help and advice. My good friend Les died suddenly of a heart attack last week. leaving his wife and daughter traumatised and his wife with no income, no insurance and the balance on the mortgage to pay (as it was joint.) I have been speaking to his daughter who is desperately trying to hold things together and look after 4 children and her Mum, who as Les said has been suffering with serious depression for years. The first advice I gave her was to get get herself and her Mum to the GP and then to the CAB to see what benefits her Mum may be entitled to and to try to get her into the mental health system in order to get some support. Her Mums kneejerk reaction is to sell everything as quickly as possible including the house. Her Mums brother has spoken to the mortgage company and bought them 3 months but I'm sure this could be extended. Les' daughter is beside herself with grief and the thought of selling the house after her Dad literally worked himself to death to try and keep it isn't helping. My thought was this but I don't know if it's possible/legal etc: The Brother has a good job and could, I imagine, get a buy to let mortgage. Could her Mum sell the house to either her brother or someone else for just the outstanding amount which I understand to be in the region of £40k. Once in the benefits system could she then rent the house from the buyer with housing benefit paying the rent to cover the mortgage, at least for the time she is on benefits? Who knows what's in the future. My own thoughts are that say the mortgage term was 5 years. After 5 years the Brother (or other investor) could gift the house to his daughter and allow his wife to continue to live there for as long as she wanted. This would also leave plenty of time for Les' personal and business assets, which are few and mostly sentimental to be kept or sold. As far as I know his few other debts were all unsecured and in his name only (things like credit card debts etc) Any comments or advice would be really appreciated. It really would be a crying shame for the family to lose the house after Les tried so hard and for so long to keep it. Thanks very much.
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