I have several questions,i work for the NHS and have recently changed my role within the hospital,my monthly income has changed,my council tax has gone up and couple of other things but my wages have gone down. When i informed the IVA they said it doesn't make any difference. Also have concerns what will happen when it finishes regarding my home. Wanted to take my NHS ppension out to help my monthly income as struggling need work doing on my home but can't afford to have work done,thought the pension lump sum would help with that but i have been told they take the lump sum and a percentage of the monthly pension. I am at y wits end with all this and now wish i had not started the IVA
There is absolutely no point taking your NHS pension or the lump sum until you have your completion certificate.
If you do they will take the lump sum and use it to pay off the iva (sending back anything that may be left).
Also with the NHS pension there are a number of options in terms of how to take it including taking 25% as a tax free lump sum for a smaller monthly pension.
Everything depends on getting that completion certificate - once you have it you can do what you want.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It does depend whether or not the pension was ring fenced.
I was allowed to keep my lump sum and I used some of my redundancy for a full and final with no problems at all.
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
You need to check your paperwork to see if was excluded.
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
Hia. I work for the NHS and can empathise in relation to our wages going down and pension contributions going up. I am taking home at least £100 pm less now than 5 years ago but hang in there. Don't collect on your pension because you will need that in the long run plus with the pension changes what you have in prior to 2015 means more than the revised pension scheme. I too have had no holidays, need work on my house but you can do it. Keep going, every pay month is one less month off what you owe. If need be, ask for a revised income and expenditure and ask for a reduce monthly payment with your creditors, I did when I lost my disability benefit. I am rooting for you. We can do this, keep the faith
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michelled0422
Hia. I work for the NHS and can empathise in relation to our wages going down and pension contributions going up. I am taking home at least £100 pm less now than 5 years ago but hang in there. Don't collect on your pension because you will need that in the long run plus with the pension changes what you have in prior to 2015 means more than the revised pension scheme. I too have had no holidays, need work on my house but you can do it. Keep going, every pay month is one less month off what you owe. If need be, ask for a revised income and expenditure and ask for a reduce monthly payment with your creditors, I did when I lost my disability benefit. I am rooting for you. We can do this, keep the faith
Hi Michelle,
Trying to get the hang of this posting on here.
Thanks for your reply,it is very difficult trying to manage especially on one low income. Not sure if i can cope for another 4/5 years
I don't understand why your IP has told you that your change in disposable income does not matter. It normally does unless your IVA was based on a minimum payment each month? They should review your I&E and consider amending the payments if necessary.
If you want to realise your pension lump sum I would only do it if either you get written confirmation from the IP that any lump sum is excluded from the IVA (unlikely I would think) or that creditors accept a F&F settlement from the pension lump sum. If the variation is approved then draw down and use funds to settle the IVA early.
Some companies won't look at changes to disposable income until next formal review date.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
They are unlikely to agree that either - not everyone is like you.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
