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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I was declared bankrupt in the Norwich County Court -191

Resolved Question:

I was declared bankrupt in the Norwich County Court -191 of 1999 I have recently received a Letter from the official stating they have an interested in my Abbey Pension.Currently valued @ £6,991.64. The letter states '' if you wish to make an offer close to the value of the lump (around £6,000 or so ) ,then this will be considered by the Official Receiver as acceptable for his interest in the pension. This request seems strange to me considering the time span since my clearance.I had forgotten this Target Life Executive Plan existed. This was from my employment with Trans Export Forwarding and are no longer trading.The DWP wrote to me some weeks ago asking me to Contact Abbey Life re this plan. Pse offer some advice. Kind regards, XXXXX XXXXX

Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Just to be clear when you were bankrupt you had the pension pot at the time please?

JACUSTOMER-9njus028- :

Thank you for your prompt response.

Alex Watts :

Happy to try and help

JACUSTOMER-9njus028- :

I stated in my initial information I that I didn't I had forgotten this plan was in existence so I must have had the plan at the time.

Alex Watts :

Yes I did see that but wanted to check you did actually have the plan at the time

Alex Watts :

Have they said why they have taken so long to contact you?

Alex Watts :

Was the value £6000 back in 1999 or is that a current value?

JACUSTOMER-9njus028- :

I had the plan at the time but I had forgotten about it until the DWP contacted me .They had been trying to contact me at my old address..

Alex Watts :

I see, do you know when they tried at your old address?

JACUSTOMER-9njus028- :

I then contacted ''Abbey Life '' Who sent me a retirement pack which I completed and returned.However the form asked me about Bankruptcy and when it occurred and witch I answered honestly , although I can't remember the question in depth.

Alex Watts :

Was the value £6000 back in 1999 or is that a current value?

JACUSTOMER-9njus028- :

That's the current value, as the fund is unit kinked, I assume it has grown over the years.

Alex Watts :

Thanks.

JACUSTOMER-9njus028- :

Plan commenced 01.04.1987. £50.00 p/mth Last payment 01.08.1987 total paid in £2050

Alex Watts :

Its bad news I am afraid, the OR will have a charge on it.

Alex Watts :

But it should only be the value at the time of their charge.

Alex Watts :

This is because it should only be the value of the plan as it was in 1999

Alex Watts :

This is because if you were made bankrupt in 1999 it should only be the value at the time you were bankrupt.

JACUSTOMER-9njus028- :

Thanks, XXXXX XXXXX I need to do next.

Alex Watts :

They may and try to argue that it should be the increased value, but I would object to that

Alex Watts :

Write and ask what the value would have been in 1999

Alex Watts :

You can send this valuation then to the OR and say that is about the figure you would be prepared to offer

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-9njus028- :

Do I need to write Abbey for the value in 1999

Alex Watts :

Yes

Alex Watts :

Then send that to the OR

Alex Watts :

Does that clarify?

JACUSTOMER-9njus028- :

Therefore I will need it in writing to confirm the value in 1999?

Alex Watts :

Yes.

Alex Watts :

If this answers your question might I invite you to rate my answer.

Alex Watts :

If the system wont let you, please inform me

Alex Watts :

If you need more help please click reply.

JACUSTOMER-9njus028- :

Any particular date in 1999 when the charge was applied.

Alex Watts :

The date you were made bankrupt.

JACUSTOMER-9njus028- :

That's, excellent many thanks for your assistance.

Alex Watts :

Great. Please remember to rate my answer before you leave. Thanks

JACUSTOMER-9njus028- :

Should the OR- ask how I arrived at the figure I will offer what will be my response .

Alex Watts :

You send a copy of the response from Abbey

JACUSTOMER-9njus028- :

Thanks, XXXXX XXXXX is excellent.

JACUSTOMER-9njus028- :

Kind regards,

Alex Watts :

Thanks, XXXXX XXXXX could ask you to click on the rating/face for that

Alex Watts :

If the system doesn't let you, please inform me

JACUSTOMER-9njus028- :

It won't allow , nothing happens

Expert:  Ash replied 3 years ago.
Try now!

Thanks

Alex

Ash and 2 other Law Specialists are ready to help you