I haven't posted here before but as a regular viewer I've found the site to be a great source for information and advise. At this point I don't feel I need a full money makeover but I would appreciate some informed advise on my number one problem which is that I'm running out of cash!
Situation is I'm 70 this year with a pension fund of circa 800k which generates net 3k monthly income and I also qualify for full state pension. I don't have a mortgage or significant debt ( just a couple of k credit card). But I'm struggling to make ends meet with higher energy costs and growing household expenses. As a result 20k savings have now run down to around 4k and I'm starting to panic. After several years of separation, spouse and I have initiated divorce proceedings which will be a significant cost, circa 10k on my account. The house is worth 850k. So expected equal division of assets will leave me with 400k pension fund and 400k plus from house sale. I expect formalities to be completed by the Autumn or year end latest. Which is all a long lead in to my core question; is there any way I could borrow between 10 to 20k secured on my significant assets? I'm not interested in a bank loan as monthly repayments will just add to my immediate cash flow problems. Final comment is my credit rating is excellent (so far!).
Any advice on best way to proceed would be hugely appreciated as this situation is causing me a great deal of stress.
Situation is I'm 70 this year with a pension fund of circa 800k which generates net 3k monthly income and I also qualify for full state pension. I don't have a mortgage or significant debt ( just a couple of k credit card). But I'm struggling to make ends meet with higher energy costs and growing household expenses. As a result 20k savings have now run down to around 4k and I'm starting to panic. After several years of separation, spouse and I have initiated divorce proceedings which will be a significant cost, circa 10k on my account. The house is worth 850k. So expected equal division of assets will leave me with 400k pension fund and 400k plus from house sale. I expect formalities to be completed by the Autumn or year end latest. Which is all a long lead in to my core question; is there any way I could borrow between 10 to 20k secured on my significant assets? I'm not interested in a bank loan as monthly repayments will just add to my immediate cash flow problems. Final comment is my credit rating is excellent (so far!).
Any advice on best way to proceed would be hugely appreciated as this situation is causing me a great deal of stress.