Author Topic: When I went bankrupt I must'v married the receiver - till death do us part!  (Read 1519 times)


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I was made Bankrupt in 1997, at the time the 'Official Receiver' in Newcastle upon Tyne informed me that 'he' had no interest in my Personal Pension, however in 1999 a Mr ****** ******* of ********* and Co, Leeds, was appointed as trustee(?). I then had to resubmit all the same information I had originally submitted to the 'Official Receiver' two years earlier. Mr ******* then required me to make monthly payments to his company (I had started work by then so no objection to that) he also informed me that he would be "taking the lump sum available to me from my Personal Pension when I reached 50 years of age".

My Personal Pension was with the Equitable Life which, it seems had been mishandling things badly (were they ever punished, did they loose their pensions?), as a result over the next few years the value of my pension fell. I spoke to Equitable Life when I heard that people were being allowed to transfer their pensions to other company's in order for them to be able to stop the reduction in value and return to a "normal" Personal Pension. Equitable Life told me that I was no longer allowed to decide anything about the Pension and they couldn't give me any information as ********* & Co were now "the owners of the Pension Plan".

I spoke to Mr *******'s Secretary a few days ago and she told me that they would be claiming the "lump sum and 1st years annuity(?)" (not what he told me back in 1999) and that whatever remained would then be signed over to me. She further told me that they needed my birth certificate to be able to claim the money (I was actually 50 in Feb 2008), it seems they should have claimed it back then, she checked the amount now in the plan and it had fallen from &12,000+ (GBP) in 1999 to a little over 6,000.00 (GBP).

Surely as the trustee it was Mr *******'s duty to ensure my rights were protected as well as those of my former creditors (I am 100% certain all of them wrote of the debts a long time ago, and even more certain they will not actually receive any of the funds Mr ******* is now collecting) including the security of any of my assets he held control over - namely the Personal Pension - which he should have had transferred to a legitimate Insurance company some 2 or 3 years ago (he was the one controlling it and preventing me from having any say in the matter)?

I feel that, because of the incompetence of The Equitable Life and Mr *******/********* & Co my Personal Pension is now virtually worthless (definitely less than 4,000 (GBP) by the time he has taken his cut) - seems t me it is less than the sum of contributions paid into it from SERP, and that was supposed to be 'protected'.

I took out a Personal Pension because that is what Margaret Thatchers Government pushed us to do, I started my own business when the company I worked for was going to close, because that's what the government of the day told us to do. OK, I wasn't a good businessman (bad record keeping and underpriced my services) and deserved to go bankrupt because of that, but why should I continue to suffer for it almost 10 years after my banrkuptcy was discharged (actually only went bankrupt for 11,000 (GBP), hardly big money then but paltry by most standards especially now) and continue to suffer for it untill the day I die as I will no doubt be unable to retire at all...............unless I win the lottery!

Can nothing be done?

ps, I emigrated in 2001, at least where I now live everyone expects the 'powers that be' will bleed you dry, I can stop looking surprised!