Question

[kallis3]

My 60 months is up in April 2013. Obviously I have the usual equity clause in month 54.

With the way the housing market is going, plus hubby will be a real old git by then, and I'll be on the slippery slope, I doubt if we will get a remortgage and so our IVA will have to continue for another 12 months.

I will be able to retire in December 2013, although I don't have to. I will be getting a final salary pension with a decent lump sum.

If my IVA continues, it will still have four months to run until it is completed, and I don't know how long until I get my completion certificate.

If I did retire in the December, would I be expected to pay across my lump sum to my creditors? Would they actually know that I had retired and collected this money?

I am concerned as this is obviously part of my retirement fund and was going to supplement my pension, and I really don't want to go on working past that date if I can help it.

[facingittogether]

hi kallis

i hope you are ok, dont seem to have spoken to you for a while!

sorry i cant answer your question but i can understand you being concerned! maybe melanie or one of the other experts will be a long shortly!

love barb x

[kallis3]

Hi barb,

I'm very well thanks and enjoying this lovely weather. Hope you are ok as well.

[facingittogether]

hi jan

i am fine thanks and like you enjoying the lovely sunshine! hope the weather holds out tomorrow as we going to do a car boot sale!

enjoy your sunday and hopefully the sunshine!

love barb x

[kallis3]

You too barb. Hope you make lots of money![:)][:)]

[plasticdaft]

I would wait for an expert's reply but I would be tempted to not retire until the whole IVA thing is done and dusted,though I am sure they cannot take your pension away under the windfall clause.

[kallis3]

That's what I'm thinking I may have to do Plastic. Pity, I was gearing everything round 2013.

[Adam Davies]

Hi
There is a seven month gap between your IVA end date and your retirement so all should be done and dusted if you have to remortgage.Once you receive your certificate of completion and your name is off the insolvency register you are safe to retire and any lump sum is yours to keep.
If you have to extend then you can retire but I would not take the lump sum until your IVA concludes and is off the register

[kallis3]

Thank you Andy, that's what I thought. I'll just have to keep on working for a little bit longer!

[MelanieGiles]

A variation of the terms of your IVA will probably be in order to address this nearer the time. If you were to have to raise this money now - how much would you need to find? Ie how much is your house worth now and how much is outstanding to your mortgage company? And how do you intend to fund your ongoing mortgage payments into retirement?

[kallis3]

Our house was valued at £215,000 just before we did the IVA, but I would imagine that has gone down now.

At that point we owed £114,000 on the mortgage and £55,000 on a securd loan.

Obviously we will owe a lot less in 5 years time, but due to both our ages (I will be 59, hubbie will be 66), I cannot see anyone giving us a remortgage.

By the time I retire and my IVA finishes, the secured loan will only have a few months to run, and so we will be able to afford the mortgage payments which will still have 7 years to run.

I don't have to retire then, but if our IVA's go on for another twelve months, I will turn 60 and would have liked to have gone, but will probably stay at work until after everything is completed.

[MelanieGiles]

To protect your lump sum, it would be better to leave your retirement until after the IVA has concluded - but this is best reviewed a little nearer the time.

[kallis3]

Thanks Melanie. I think that's what I will be doing.