Overdraft / Pension

[ms0]

I have 2 questions today.
Firstly can they try to recover the whole of the overdraft that is part of my bankruptsy which is a joint account with my wife and secondly i would like them to take all my pension to recover the losses i have encured is this possible?

Thanks again for your help it has been most reassuring

[Cybus]

Unfortunately, the bank account held with your wife is what is termed as a joint and several liability.
If you are bankrupt but your wife is not, the bank can still pursue her for the amount outstanding to them.

As for your pension, you would need to look at the terms to determine if you are able to either draw from it (Usually at age 50 or above)or alternatively if it has any cash transferrable value.

[MelanieGiles]

You will not be able to use all of the your pension fund to pay off creditors as the fund is protected. Usually only 25% of the fund can be drawn down as a lump sum, with the remainder used to fund the purchase of annuities to provide you with a regular income during retirement.