Hi there - If I want to pay off my IVA early, Is it possible to use some of my forthcoming pension to do this? So, Imagine I get an extra 5k out to pay off my IVA, is it likely to be accepted because I have money from another source all of a sudden.. You see, If I dont offer to pay off the IVA early, then i could be in trouble as suddenly my IVA agent will see i've got 50k from somewhere and my overall monthly payments will no doubt increase significantly otherwise. Any advice is welcome.
If you draw down any lump sum during your IVA it will be deemed an asset and payable into the IVA pot, unless pensions and proceeds have been specifically excluded.
You can offer to draw a sum for the purposes of a Full and Final, on the premise that, if the F&F isn't accepted the drawdown will not happen and the funds will stay in your pension pot for the purposes they were accumulated for.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I was able to offer some of my redundancy money to fund a full and final which was accepted. My pension had been ring fenced so wasn't touched.
Bear in mind that at my age I stood no chance of getting 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
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
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3
I was able to offer some of my redundancy money to fund a full and final which was accepted. My pension had been ring fenced so wasn't touched.
Bear in mind that at my age I stood no chance of getting another job!
This is great to know. This is what Mel and her team are working on for me. Not only that, they have come up with a strategy to also offer a F&F on my wifes IVA too. If all goes to plan we will be debt free 2 years sooner than anticipated.
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
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