are pensions taken into account

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p_k

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Post by p_k » Mon Jan 29, 2007 1:19 pm
are pensions taken into account
 
 

Oliver

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Post by Oliver » Mon Jan 29, 2007 1:32 pm
In an IVA your creditors will NOT be able to access any monies that you have saved in a pension fund as this money is secure. You may have to suspend your pension payments for the duration of the IVA, thus freeing up some more money for your creditors. This may or may not be required and after a lengthy discussion on this forum site fairly recently, we came to the conclusion that it is, for want of a better phrase, a little "hit and miss" as to whether you will be allowed to continue to pay into a pension during your IVA.

If you have a pension income, this will have to go towards your IVA.


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Oliver

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Oliver
 
 

jamesfalla

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Post by jamesfalla » Mon Jan 29, 2007 1:33 pm
Hi PK

This depends on what you mean. If you are undertaking an IVA, then the actual pension fund itself that you already have saved can not be touched by the creditors. This would be the same if you declared bankruptcy.

However, if you are currently personally paying into a pension fund, either privately or through work, then your creditors may ask you to suspend further payments for the duration of your IVA. This money would then have to be paid to the creditors instead

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk
James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk
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