Money tied up in 7 year bond which won't payout till end

I think It is worth while talking to the company who the Bond is with. We use 3year bonds for money we have put aside for when the car needs replacing, so knowing we can get at the money if required was important to us when we invested. The Bond we have allows us to cash in early, but there is a reduction in the interest rate paid.

I would think that, given the circumstances and the length of time it has run, you should be able to cash in your bond but you will lose some or all of your interest. Approach the company and explain your situation.

I agree that it would be worth while contacting the bond company to see what the situation would be if you wanted to cash your bond in early.

There may be a loss of a few months interest which might be acceptable to you, or it may be a bond which you can't touch until it matures.

In your situation though, I would get a job, certainly for the 4 years before your bond matures.

It wouldn't have to be at the hospital - even a part time job in a shop for instance would more than cover your £750 per month rent, with some left over.

I imagine your son will want to pay you back once he has cleared his debt which will also help your financial situation.

You can always ask the question, you have nothing to lose. However other options would be to find some work so that you can continue with an income, look for somewhere cheaper to rent after the 6 months, ask your son to start a repayment plan, (or go and live with him rent free), look at ways to reduce your expenses. Good luck.

I think you ought to make enquiries. The worst they can say is "no" which won't be good but you will know your position. They may well say "yes".

Is your son in a position yet to start repaying you? Is it possible to rent somewhere cheaper?

I hope things work out well.

What an unfortunate situation to be in, I hope there is a solution for you.

Did you uses a financial advisor? You could have a ‘miss selling’ claim if it was not an appropriate investment for your needs.

Thanks all for your help. Sadly my son is still £160 000 in debt so I don't think I will see any of it back. My son has offered me a room in his flat but his brother is staying with him at weekends whilst living in his hgv cab during the week.
I will contact the bond company to see if anything can be done. My friend who works for the NHS has told me about NHS Professionals a general staff bank and I am going to register with them.

£160,000. Good heavens Smurf52

I assumed you had meant he was a few thousand in debt.

Smurf52 I agree with JenniferEccles, get a part time job to pay the rent and do not touch your Bond yet.

If your son is still in so much debt and your other son sleeping in his HGV you may be guilt tripped into helping out again.
If you are working and just managing financially then you have nothing to spare for them, I wouldn't give up your flat and independence.
When your Bond does mature in 4 years it might be prudent to put the majority back into secure Bonds (or at least tell your son this).

I am speaking from experience, but not with such large sums of money.

I hope it all works out for you.

My understanding of what you have written, is that your total capital is £100,000 including the bond. Do you know of a place where that will buy a decent property? Even then, if you will only have a state pension, it will be hard to manage on that alone with no capital to fall back on - there will inevitably be bills for repairs and in time, as you are young, a new boiler and other items.

I heartily agree that you return to work part time for as long as you can and try to create a nest egg over and above what will go into a property. (I still work part time at 72 for this very reason).

I am sorry about your son, it sounds like he should consider declaring bankruptcy.

You will never have an answer to your question until you talk to the bond provider.

I have a 2 year bond, albeit for a much smaller amount, which matures in just under a year. For family reasons, I asked if it was possible to withdraw all or part early, and lose interest, but was told no. I do have the option of writing to their head office to ask for “permission” if I’m suffering hardship, but they require proof.

I've yet to encounter a bond company who will not offer an early settlement. However, it will undoubtedly be at a price but they should give you specific facts and figures whereon you make your decision. I would not explain my situation to them. None of their business and they do tend not to deal in sympathy. I do agree with many posters who have suggested you try to continue working. That would be good therapy as well as income. Good luck.

Might you be able to get a mortgage on a new property, or a bank loan, using the money in the bond as security?

Or some kind of social security to cover your rent, if you cannot find a cheaper property to rent.

If you haven't done so, talk to your bank and Citizens' Advice, as well as the company holding your bond.

I assume your son isn't in a position to help you out now?

Keep us posted, as to the solution you find - there surely must be one. Here's hoping!

I don't know if this will help but if you were able to rent an older persons flat from a housing association it would probably be half what you are currently paying. Hope it turns out ok for you.

I'd take independent financial advice. You probably won't have to pay as they get their income from the banks and building societies when their recommendations are agreed.

Have you considered a shared ownership scheme? Many housing associations offer these and you would use your money to buy a share of the flat and rent the rest which would be much cheaper than renting on the open market?
You may not meet the criteria of course,due to your bond. But it’s worth checking out

Didn't we have this from the OP in August last year?

maybe your son could start paying back the money he borrowed from you. i know nothing about bonds ,but maybe CAP could help you here.....hope you get some advice .maybe the people you took the bonds out with...

(1) Would it be possible to share the rental accommodation you have with another person?
You would need to ask permission of your rental company.
(2)Have a talk with the bond company and see what they say.
If you are serious about purchasing an inexpensive property do take into consideration the extra costs legal fees, removals, etc as these can amount up.
Will there be a cost for ending your contract with the company you rent from at the moment.

(3) Update your CV and send it to as many companies as you can, good administration staff are always wanted.

(4) Also register for work at as many a job agencies in your area.