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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Law
Satisfied Customers: 4546
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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My husband has taken his pension pot from The Lifetime SIPPS

Customer Question

My husband has taken his pension pot from The Lifetime SIPPS company and has lost it through investing in a scheme which has collapsed. He has lost the initial £69,000 and the SIPPS Co. say we owe them £85,000 and rising on unpaid repayments. We are both 61 and in the last 3 years become unemployed due to serious ill health. We are both now on DLA & ESA we own our house in joint names with no mortgage. Can the SIPPS Co take our home which is our only asset to recoup the debit and is there anyway we can stop them if this is the case. I am frantic with worry as is my husband. Thank you. My husband has had Limbic Encephalitis which causes him to have significant on going memory problems.
Submitted: 3 years ago.
Category: Law
Expert:  Nicola-mod replied 3 years ago.
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Customer: replied 3 years ago.
Yes keep looking. I have an appointment with CAB in January re this debt. I am really worried that we will be forced to pay off my husbands debt by selling our home which is mortgage free and should be our security going into retirement.
Expert:  Nicola-mod replied 3 years ago.
We will continue to look for a Professional to assist you.
Thank you for your patience,
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for profividing an opportunity to assist you.

To begin with, it is important to note that there are certain rules that governs the loaning out of SIPP. Such rules provide that the SIPP loans should be made purely with commercial terms.

Commercial terms means, the loans should be made out very clearly specifying terms such as interest rate, tenure, terms of repayment, etc. All this need to be documented and signed by all parties to it.

This is the most important aspect in your situation. In my opinion, since I cannot do it remotely from here, you need to see / consult a local attorney with ALL of your papers, especially the signed terms and find out what precisely are the terms of repayment. This is where you WILL find clue to your question. Unless very specifically mentioned, I do NOT see any chance of SIPP taking away your home. However, it would be improper for me to guess such an important thing without seeing any of the documents.

I believe it is imperative that you visit a local attorney with ALL of your papers.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question,

Warm Regards,