I have been told that if I want to offer a F&F which I am funding from a pension draw down that I need to write to my IP stating the offer(I amoffering the full 19 payments remaining) provide a copy of ID, my Passport and show that the funds are in my bank account before they will call a variation meeting. My question is, if they reject the offer can the IP then say it is winfall money and claim 100% of it and make me carry on paying, also it is pension money if it is safe from winfall status I would need to pay in back into the pension if offer is rejected, but this would be on a new investment deal. Do i really need to draw the money 1st. Thanks for your time
Any offer you make has to be conditional based on it being accepted.
You need to get your iva company to confirm in writing what would happen if you draw it and the offer is not accepted.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I'd be inclined to tell the IP company that you will supply proof of the draw down but you won't take it until your offer is accepted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
That's the wrong way round - you do NOT want to draw it down unless and until the F&F is accepted otherwise you could lose it all.
I agree with Kallis all they need is proof of funds. If for any reason the variaiton is accepted but you don't then stick to the agreement you will be in breach and the IVA could fail so I don't see that they need the funds up front.
It makes it more attractive sometimes to creditors to accept if funds are already in the IPs client account but this is not acceptable to ask you to risk when it comes to cashing in your pension!
Do NOT draw down any funds until the offer is accepted !!
Your IP is not thinking this through !
If you draw down anyway the creditors will want the funds regardless of any offer you might make, treating this as a windfall, or after acquired asset.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The reason I worded my response that way is because the IP seems to have stated it has to be physically available now.
I totally agree that is not preferable.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thank You all for the advice, they do not need the money in
my IVA account, they have said that they need to see my bank statement to show the money is available.
They have stated that they have had cases were people have asked for a F&F the offer is accepted but then there are no finds to back it up. Which seams stupid to me as why would you put yourself through that if you have not got the money.
Definitely not!!! You should be able to provide proof that you can draw it down if you need to.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You could always direct your I.P. (more likely case worker) to this thread and ask them if they want to publicly state the reasons why they are seemingly insistent upon the funds being released prior to variation in this scenario.
If, as I suspect, you have been talking to a case worker and not your I.P. then maybe you need to speak to the I.P. directly.
Regards.
Last edited by size5 on Wed Apr 06, 2016 3:26 pm, edited 1 time in total.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Do not draw it down. As I said before if a variation is accepted and you do not stick to the terms you will breach and fail your IVA, which is not in your interest.
It's up to creditors to decide whether to accept not you.
If they reject for any reason you could LOSE your pension money into the IVA.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by size5
You could always direct your I.P. (more likely case worker) to this thread and ask them if they want to publicly state the reasons why they are seemingly insistent upon the funds being released prior to variation in this scenario.
If, as I suspect, you have been talking to a case worker and not your I.P. then maybe you need to speak to the I.P. directly.
we have just done a full and final and paid over the monies 5 weeks ago from pension draw down first the variation meeting was called then i got in writing pension could be drawn down for the conclusion full and final of our iva hope this helps im expecting cc next week good luck
full final paid over 29/2/16 cc arrived 12/4/16 its all over
