Hello I am 55 in May of this year, and thinking of drawing down my pension to pay off IVA

[andyflincs]

Hello I am 55 in May of this year, I am thinking of drawing down on my pension to pay the remaining amount of payments on my IVA, approx 21 Months at £700, can i do this without creditors wanting more of my pension pot

Thank You

[lifenoteasy]

Only do it based on creditors agreement in advance.

[linrog]

im doing same my creditors agreed for me to drawdown and pay remaining iva off make sure you call a variation meeting but only say you will draw down for the agreement to pay off iva good luck

[Michael Peoples]

You may have to take independent financial advice first and be aware this could impact on your income in retirement. It may be a short term fix but cause long term problems.

[Lisa Thomas]

Hi Andy - yes if you get the creditors to agree this at a variation first but make the decision carefully as Micael suggest.

You may be better off keeping you pension and muddling through the next 21 months.

Personally if you can, I would keep the IVA going and keep your pension.