Catherine Plaistowe – 1968-03-22

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Client Details

Client's Email Address: Cath.plaistowe@icloud.com
Client's Telephone Number: 07481732623
Where did the client hear about us?: Recommendation
Where did you hear about us, other?: Cynthia Turner

Personal (step 1)

What are your questions or concerns about your financial future?
Do you have any dreams for the future which you might need to plan for?:
We have only ever paid the interest on our mortgage due to unfortunate life events such as health problems with my husband which meant he couldn’t work for a number of years. The mortgage was for 20 years and now only has 8 years left and we have paid no capital. Our home is worth a lot more than when we purchased it so we may have to sell it in approx 5 years in order to pay back the mortgage and buy somewhere else with the money we make on it. I am currently the only carer for my mother who has Alzheimer’s and lives with us in our home therefore I cannot leave her alone at all to go out to work. My husband Is to be made redundant on 19/08/20 so that is another blow I have a private pension which was formerly contracted out of SERPS/S2P and was started in the late 80’s. It has had no payments into it since 2012 when the government changed the rules. Does this pension mean I won’t be entitled to a full state pension? I have 2 other pensions with another provider which I started whilst employed at 2 different firms. They are just frozen with no payments going into them. We have debts between us on credit cards of approx. £50,000. The majority of them, and the highest amounts, are on 0% and when that ends I move the debt to another credit card to secure another 0% deal for as long as I can. We have been trying to pay these debts off first hence why we haven’t paid any capital on the mortgage. We already had some of this debt when we bought our current home and were advised to pay the debt before the mortgage, hence the interest free mortgage. We were doing very well paying the debts off until my husband’s health problems which meant he was unable to work for 3-4 years. Then I’ve had a lot of illnesses and death to deal with in my own family who live in Yorkshire so I left my highly paid job in London to work locally at less than half the salary as I could not cope with the stress of my London job alongside the worries of my family’s illnesses as well as my husband’s. My husband has a condition called dystonia in his neck for which there is no cure. It is very hard for him to deal with this on a daily basis but he is determined to work with this affliction. It is currently on a plateau but stress makes it worse. When my husband gets made redundant he will get £8,000 in redundancy money. My income is approx £254 per month carer allowance plus my aunt, Cynthia Turner, has kindly been giving me £950 per month out of her income, just increased to £1200 due to my husband’s job loss (mentioned further on in the form under other income), so that I can continue to look after my mum (Cynthia’s sister). If I didn’t have this then I would have to put my mum in a care home as I wouldn’t be able to afford to look after her. I’m trying to keep her out of a care home for as long as I possibly can as it is the one thing I know she wouldn’t want as she told me often enough before her illness took hold.
What is your first name?: Catherine
What is your surname?: Plaistowe
What is your date of birth?: 22/03/1968
Do you have a partner?: yes
What is your partner's first name?: Roy
What is your partner's surname?: Plaistowe
What is your partner's date of birth?: 21/03/1963
Do you have any financial dependants?: no

Assets & Liabilities (step 2)

Do you have any savings or investments?: yes
How much do you have in cash based accounts?: 9000.
Are you saving into your cash based accounts regularly?: no
How much do you have in investment based accounts?: 0
Are you saving into your investment based accounts regularly?: no
Do you have a partner?: yes
Does your partner have any savings or investments?: no
At what age would you like to retire?: 65
Do you have any pensions savings other than your current employer scheme?: yes
Which type(s) of pension do you have?: Defined Benefit
Lump Sum: 56,400.
Annual Income: 0
At what age would your partner like to retire?: 65
Does your partner have any pensions savings other than their current employer scheme?: no
Do you own your own home?: yes
What is the value of your home?: 400000.
Do you have a mortgage on this property?: yes
What type of mortgage do you have?: interest_only
What is the outstanding amount?: 204,584.56
What are your monthly repayments?: 585.62
What is the interest rate?: 3.43
Do you have any other mortgages?: no
Do you have any loans, including credit cards or car finance?: yes
Amount Time Remaining Monthly Repayment Interest Rate
50,000 5 1000. 0
Please tell us details (what it is and estimated value) of any other assets you have that you think may be of value?: Our home is estimated at £400,000 if we were to sell it.
Do you have any protection policies other than the provision provided by your employer (if applicable)?: no

Income (step 3)

Which of the following do you have?: none
Do you have a partner?: yes
Which of the following does your partner have?: employment
What is your partner's annual salary?: 23,500
Is your partner a member of a company pension scheme?: no
Do you have any other sources of income?: yes
Income Source Annual Income
other 14400.

Expenditure (step 4)

Do you have a partner?: yes
Do you want to fill out a detailed expenditure questionnaire or would you prefer to put in a total monthly figure?: total
What is your total monthly expenditure?: £2500.
How much money do you have left at the end of the month?: 100.
Is there anything else you would like to tell us, or any other questions you would like to have answered?: My husband is being made redundant on 19/08 and will get £8,000 in redundancy pay. He had been on furlough since March 2020 which has kept my mum safe whilst we have shielded her. He will not be looking for employment straightaway due to the current pandemic which means we can continue to keep my mum safe plus he can help me as I am the sole carer and never get a break unless my husband takes over for a few hours. We will therefore be using the redundancy money as monthly income until we feel it is safe for him to find work again.

Fact Find Steps

Current Step: 5
Fact Find Completed Date: 07/08/2020 09:45:58 am
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