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.
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The older you are the better chance that creditors will agree for the contribution to continue - provided it is not excessive.
Discuss with your IP at the outset and see what he/she advises
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I was allowed to keep my works pension on the understanding that I paid the minimum amount into it each month and also to pay the same amount into my IVA.
Now in a few months time my pension contributions will drop down considerably as I have been there for 25yrs, I do wonder how my 'extra' payments into my IVA would be affected?
I presume that they would drop down as well as that was the modification that I agreed to.
To either put the pension on hold for 5yrs or to pay the minimum into the pension and pay the same amount into my IVA
Gonna be interesting to see what happens there.....
To me you can reduce what you pay into your IVA once you stop paying into your pension. Check with your Supervisor (IP).
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
If your pension contributions are going to dip, then you will have to expect your IVA contributions to increase, unless you have other expenditure which has increased which could be offset.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Maybe I am missing something here, but does this modification allow you to retain your pension so long as you can pay an equivalent sum into your IVA over its term? If so, that is a ridiculous modification to have been proposed and accepted and your IP ought to have fought against this on your behalf. How on earth were you expected to pay two equivalent payments from presumably an already tight budget?
