Pension cash in

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scooby

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Post by scooby » Fri Jun 13, 2008 9:19 pm
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Hi can you tell me please is it possible to cash in pension to pay off IVA

Thanks Scooby
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Lisa2009

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Post by Lisa2009 » Fri Jun 13, 2008 9:43 pm
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If you were able to cash in your pension, it would probably fall under the "windfall" clause and have to be handed over for the benefit of your creditors.
I do not think they would accept it as a full and final offer unless it was to pay off the original debt in full.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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Adam Davies

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Post by Adam Davies » Fri Jun 13, 2008 10:41 pm
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Hi
Not sure about that
If it was not included in yor IVA then you may well be able to offer it as a full and final
Wouldn't put money on it though as Skint may be correct
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Andam Davies
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MelanieGiles

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Post by MelanieGiles » Sun Jun 15, 2008 11:34 am
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Not a windfall - as the pension is an exempt asset, but please don't cash it in before you make the offer and have it accepted as then the asset turns into cash and it could be argued that the cash is therefore a windfall.

Please also take independent financial advice about the implications of reducing your retirement fund - as this may be needed long into the future after the IVA has concluded.
Regards, Melanie Giles, Insolvency Practitioner
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