DEAR TRICIA

Need some practical financial advice? YOUR MONEY

Editor Tricia Phillips and her team can help

QFollowing my divorce, I was ordered to pay a “statutory charge” against the matrimonial home. I have been making payments since 1993 and now realise I’ve paid more than twice the amount levied. Have I paid off my debt or is there still a statutory charge on the property?

AUnfortunately, I can’t comment on specific cases. What I can say is that there is usually an 8% per annum interest charge applied to the debt at the outset and, depending on your arrangement, it could take years to repay.

QI worked in the NHS during the 70s to late 80s. I had an income deduction called superannuation – the amount fluctuated depending on if I did overtime or not. Will I be due any of this money back at some stage?

AThis was your pension contribution. The amount you paid was based on a percentage of your earnings, so it would increase as you earned more. You will receive this in the form of a pension payment at the scheme’s “normal retirement date”.

QI’m in my early 80s and I want to make a will. Things are pretty straightforward with everything divided between my children. Do I really need to sort out Power of Attorney too?

AYou don’t have to, but in doing so it will enable your children or attorneys to make welfare and financial decisions on your behalf if you’re unable to do so.