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Found 9 results

  1. Hi all, As this is probably quite an uncommon question, I don't know if anyone can help. I currently receive ESA contribution based, in the support group. I also have two small pensions which total less than £85 per week so I have no deductions for them. From next month (I will be 55!!!) I will be entitled to a further very small pension which would still keep me below £85 per week total, but I am considering just taking the whole lot as a lump sum (about £15K) to pay off the remaining mortgage. What I'm worried about is how DWP will view this - would it be considered capital and therefore irrelevant as I do not receive income based benefits, or am I likely to have to repeatedly prove I wouldn't have gone over the pension limit if I'd taken the annuity? I am aware that taking the cash now is not likely to be the most tax-efficient or cost effective option. Edit - I've found this fact sheet which I think says the money will be treated as capital, but I do read things wrong so would appreciate other opinions. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/417473/pension-flexibilities-dwp-benefits.pdf
  2. hi guys, my friend is getting lump sum money maybe 6 to 9k. He will get it from Pakistan. he intends to put the cash into deposit account. he is worried about tax man finding out, his family tax credits etc. what is the safe method of putting money into the account before the tax man hangs her and forgets google, starbucks and microsoft. someone suggested to him, put 1k into the account per week or its safe upto 5k at a time. Ali
  3. Hi, we have a suspended repossession order from 2010 (when my partners ex wife was still on the mortgage, she is now no longer) and we have fell into arrears of 6100 over the 5 year period due to unemployment. We made a partial payment in august last year and missed a payment in November last year other than that we have maintained our mortgage payments and have been paying some off the arrears each month for nearly 2 years, now the Halifax have said they are going to be seeking an eviction date if we don't pay £3000 by the 28th of this month. We have kept them informed of the payments missed and have tried to come to new payment arrangements with them each time. We spoke to a man at the Halifax in December who said that we had to pay the full arrears or it would go to repossession, we explained that we didn't have access to that sort of money so we couldn't pay that much, then we spoke to a different woman at the Halifax last week trying to come to an arrangement were we pay £100 extra a month to clear the arrears quicker and she said that if we paid £1400 it would stop any more proceedings, then we got a phone call on Friday saying that we had to pay £3000 by the 28th of the month or they would seek an eviction date, we explained that we didn't have access to that sort of money and that my partner didn't get paid until the 29th of the month and we would be making a payment of £625 (which includes the £100 we said we would pay to clear the arrears quicker), she then replied that they would be sending us an eviction date. We are panicking now as we have 3 children, our eldest child is in her final year at juniors and we are currently waiting to hear if she has got her secondary school place, she also suffers from anxiety, our second child also has epilepsy and possible autism (we have just got an appointment with a specialist doctor after a 19 month wait) so everything is in place at his school for his needs, the Halifax are aware that we have children and one with a disability. I had to give up work in June last year due to severe hand eczema and stress and anxiety, however my partner has a good job and can pay the mortgage and the arrears no problem. I am really really worried they are going to repossess our home as I don't drive and we won't get a private rent in the area and if the council put us in an area where I won't be able to get my children to school, I don't want to have to change my children's schools as there is support in place for them at the schools they are currently in and it could change my sons hospitals and doctors if we aren't in the catchment area. I am going to write to the Halifax with our proposal again, with a breakdown of how long it will take to pay the arrears back, I just don't know what else to say to them and I think it will be rejected as well, I just don't know what else to do.
  4. I have been repaying my tax credit overpayment (from 2011-2013) at an agreed rate for the past 3 years & have another 7 to go I may be on a position to clear the remaining debt with a lump sum payment in the next few months - does anyone know what happens then? Will I drop off the Tax Credits system? (I no longer qualify to claim due to income) or Will they assume I have access to endless cash & check claims prior to 2011 (they already know I can't prove an alternative address for my ex husband for this time) in the hope of reclaiming more money? Also, as I was charged a penalty will my records have a 'fraud' marking? I was told this by the overzealous caseworker who sent my enquiry letter but have read elsewhere that if Tax Credits consider it to be a fraud case they would have done an interview under caution. I really want to repay what I owe & never have to deal with them again but worry that by raising a lump sum I will trigger more interest.
  5. Hi Everyone, Newbie here who found this website whilst googling for information on F & F debt settlement offers. I'm looking for some advice please, on our next course of action. My husband and I jointly have 5 debtors, one of whom is our son. We used some of his inheritance money to try and pay off credit card debts when I was made redundant, something we are both deeply ashamed to admit. In 2010 we sought the help of the CAB who arranged a debt management plan with our debtors. We have been paying minimal amounts ever since as we have virtually no disposable income. This what we currently owe:- Tesco credit card debt 2994 Natwest credit card debt 11,811 M & S card 6099 Store card 900 (This account has been sold on to Moorcroft and was the smallest sum!!) Son 9000 We are paying them a total of £25 per month (between them all, excluding son) and as my husband and I are 56 and 57, I don't see our financial position improving substantially any time soon. We have substantial mortgage shortfall on various endowment policies and this needs to become a priority for us, if it's ever to get paid off!! (We re-mortgaged 3 times to pay off credit card debts over the years). due to the changes in the law I can now access a pension lump sum of about £10k and was going to try for a F & F settlement of our debts with this sum just so that we don't have this hanging over our heads right into retirement. I don't see that we will ever be able to pay off the full amounts owed to the credit card companies. Our son has agreed not to press us for any amount now, he knows we have no way of getting more money at present. We will eventually inherit a lump sum from our mother in law and will pay him then, but she's currently in rude health So, should I try and use my pension to pay off these debtors, and is it likely that they would accept such a small percentage of their total debt? We are not worried about what's on our credit record now as it must be totally trashed and we never want another credit card anyway. Also as we are homeowners is it likely that they will try and get money from us if we ever sell the house (which we don't want to do)? Many thanks for any advice.
  6. I am finally getting my bottom into gear and paying of my debts (hence the many posts I have already posted or will post) I owe a company call Credit Solutions £170.93 If I am to call them up and say I am willing to pay off my debt right away but I want it reduced will they do it ? I am thinking of trying to get them down to half of what my debt is worth. They did write to me a few months back to pay of my debt at a reduced rate but I was not in a financial position to do it, So I know it is an option. Has anyone tried this ? Has it worked ?
  7. hi experts, i am soon to be retired on ill health grounds and am allowed to take my pension early. my first question is - if i take the 25% lump sum will it have an effect on my benefit entitlements which are currently child tax credit and contribution based employment support allowance for which i am in the support group. my second question is - i have a capital value of £63000 built up in the pension but the transfer rate i have been quoted is £84000. shouldn't these figures be the same? regards
  8. A father was arrested and accused of fraud after complaining to his local Tesco that he had spent £470 on an iPad that turned out to be just a box with clay lumps inside. Colin Marsh, 47, rushed back to Tesco in Whistable to complain after discovering that the iPad he had bought there as a present for his 10-year old daughter Maddie was actually an empty box stuffed with clay. Instead the staff reported him to the police on suspicion of attempted fraud. Two days later he was arrested and held at the police station for hours before being released on bail. The missing iPad turned up in Wales two months later registered under a different name http://www.huffingtonpost.co.uk/2013/11/15/tesco-ipad-_n_4279737.html?utm_hp_ref=uk
  9. Hi, Mum and I are in the process of being paid out for a home insurance claim. Obviously when we receive this payment it will take our bank accounts way over the acceptable limit for benefits. All of the amount (well over 8K) is to pay for our own builders to complete the work to our property. Do we need to inform DWP. Any advice welcome.
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