Wondering whether to pay off PCP on car early

[yorkie46]

My husband was recently diagnosed with ftd. At the moment he has no care assessment and I've been told there won't be one because he doesn't require help with personal care. I'm aware that sometime in the future though we don't know when, he will require help and at that point it is likely we will have a financial assessment. We are currently paying for a car on a PCP which is in my name. I'm wondering if I paid it off early this would be condsidered deliberate deprivation of assets. By doing this I would be using our joint savings. If I leave it to the end of the plan I will still need to pay the final paynent. I have no idea if by this stage we will have needed an assessment. If we have I'm thinking I will be expected to pay for this out of my savings as the agreement is in my name. I hope this is understandable. I hate having to think about this at this stage but I feel I need to be prepared for what might come.

 

[marionq]

Pay off anything you can right now. This is sensible financial planning for both of you which you are entitled to do. Looking ahead I would also keep a joint account for your joint expenses but open an account in your own name if you haven't already done so and have your pensions income etc paid into that.

There is no point in in building up savings if a mortgage etc has to be paid off, and on your own this would be hard to do.

 

[Shedrech]

hi @yorkie46
totally agree with marionq - organise your finances now so everything is clear and easy for you both, and that includes paying off any loans if you are able as it's sound financial practice to get rid of any interest payments you are making
you have already bought the car, so you aren't suddenly deciding to buy a flash new motor to waste money!

 

[yorkie46]

Thanks both for your advice. I feel it is the best thing to do and intend to deal with it early next year. It's so good to get other people's views because it's difficult to make these decisions on your own.

 

[Beate]

How do they know he doesn't require help with anything if he hasn't had a care assessment yet? That's ludicrous. It isn't just a need for personal care that should trigger it - you might need a day care place for him or befrienders? But even if they don't want to do a assessment on him, they have to do a carers assessment for you, as you are entitled to one by law. Also, any support put in place on the back of a carers assessment for you should be free of charge, and any financial assessment regarding your husband should always come AFTER his needs assessment. If they tell you otherwise, kindly tell them to read the Care Act!

That wasn't what you originally asked, but I think it's worth pointing out!

 

[yorkie46]

Thanks Beate, I appreciate what you're saying. I had a phone conversation with someone from Adult Services and told them he doesn't need help with personal care but what I really need is to get him to go out and socialise without me because it's like we're joined at the hip. He refuses to go to anything. As a result of that they called back to say they wouldn't do an assessment and they basically had nothing to offer regarding getting him out other than approaching one of the charities that have befriending services. I told them not to bother at the moment because I'm so tired and busy that I really can't think about assessments until after Christmas. They told me to get back to them if things changed. I've contacted someone from Alzheimer's society who told me same as you and has offered to contact them. Hopefully in the new year I will feel up to dealing with it. I have to say I was pretty annoyed about it because I was sure they should come and talk to him.

 

[Beate]

I'm glad you have someone from AS acting as your advocate. I think it's worth doing in the new year as they can't just get out of their duty of care like that. I hope it works out!

 

[yorkie46]

Thank you. Will update when I make any progress!