I am in the process of taking a lump sum from my workplace pension, principally to pay to have central heating system updated. Will I have to notify IVA administrators? I was planning to ask them to make a proposal to my creditors I would be willing to make a payment of £2,000; my IVA was recently extended as of June 2016, when it was due for completion, for a further 12 months year, due to not being able to release property equity. By my calculations, £2000 would be more than what I would be paying via the monthly payments for an extra 12 months.
Hi There - yes because unless this was excluded from your arrangement, once you surrender it, it becomes an asset of your IVA. Make sure you therefore get the variation approved before surrendering the pension. I would offer them an equl amount to what they would be getting (or even a little less) rather than more. It would be a shame for you to lose out on your pension, can you not let the IVA finish normally next year and then use the 6 months savings next year to upgrade your central heating system instead?
The IVA won't finish until June 2017; this would mean I would have to wait until at the earliest the start of 2018 before even thinking about going ahead to replace the boiler. Six months 'savings' would not even cover half the cost of the work. I have been pondering for over a month now about challenging Aperture regarding their assertion I agreed to variations to the agreement; I have no documentation about this (I do retain all correspondence from Aperture, and Money Debt and Credit before them), and according to them I agreed to the variations by telephone! I have absolutely no recollection of this. I just feel Aperture have been very lax in their handling of my IVA; only recently I discovered a PPI comp cheque I sent to them has not been logged, despite it being sent in the same envelope as a second, similar cheque, which they have a record of! I was told there would be an investigation; six weeks later, I have heard nothing! How do I go about asking for a variation? I just feel like going ahead, getting the money, and making a proposal to offer the equivalent of 18 months payments to get rid off them!!
What existing variation/s is it that you are disputing you agreed to?
With regard to variation you need to send them a written request. They should then call a meeting within 3 weeks for creditors to vote.
However in the perfect world (sounds unlikely) you would speak to your Supervisor and get their view and try to get them on side so that they encourage the creditors to accept your variation when they send out their covering opinion.
Check your paperwork to see if this was excluded or not. If it was then you can go ahead and claim it.
I took my pension early (with redundancy) and was able to make a full and final which was 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
Hi Kallis; the problem is the only paper work I have is the original proposal when the IVA was set up with Money Debt & Credit. I have no paper work from Aperture about variations so I don't know what those are. I only became aware there had been variations when I queried why the extension was for a full 12 months, when according to the paperwork I had, if an extension was necessary, it 'may be UP TO 12 months'. When I brought this up with Aperture, I was told there had been variations to the original proposal and they had a record of me having phoned to accept them. Like I say I have no recollection of making any such call and honestly believe I didn't as I have no written documentation from Aperture about variations of any kind. And I keep all correspondence from them; it is highly unlikely I would have disposed of any correspondence about a change or changes regarding the arrangement. I haven't got round to putting my concerns in writing to Aperture. I keep wondering is it worth the hassle. Also, when you say your offer of a full and final payment was accepted, did you calculate it by working out how many payments were remaining, or did you offer something else?
Thanks, Lisa; I've been mulling this over for weeks now. Will need to do something but will probably wait until after Christmas now as I doubt I will get a response before then.
Sorry Stuart - only just seen your reply to my post.
I made one offer and was told to up it which I did and it was accepted.
It may also have been due to the fact that at my age there was no way I could get another job.
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
But best to send sooner rather than later as there are only two bank holidays so they will have to get on and deal with it asap. The sooner you ask, the sooner you will get a reply...
Want to send a letter by registered post; have to go out during my lunch break to the Post Office which is usually queued out to the door at lunchtimes! But thanks for advice and help, Lisa.
