Hi there - Can I use some of my forthcoming pension to pay off IVA early ?

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Leigh.t

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Post by Leigh.t » Tue Aug 04, 2015 7:35 am
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.
 
 

Foggy

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Post by Foggy » Tue Aug 04, 2015 8:21 am
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
 
 

kallis3

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Post by kallis3 » Tue Aug 04, 2015 8:40 am
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
 
 

Foggy

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Post by Foggy » Tue Aug 04, 2015 8:56 am
............Resist the temptation to comment on Kalis's age ..... RESIST !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Tue Aug 04, 2015 9:34 am
LOL!!! I'm an old git Foggy as you well know!!
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
 
 

Adam Davies

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Post by Adam Davies » Tue Aug 04, 2015 10:12 am
Hi

You could make an offer as suggested above, stating that you will only draw the lump sum if used to conclude your IVA

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Andam Davies
 
 

MikeyM

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Post by MikeyM » Tue Aug 04, 2015 1:24 pm
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.
 
 

kallis3

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Post by kallis3 » Tue Aug 04, 2015 1:33 pm
Fingers crossed.
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
 
 

Foggy

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Post by Foggy » Tue Aug 04, 2015 1:34 pm
Hope that works out for you Mikey :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

MikeyM

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Post by MikeyM » Sat Aug 22, 2015 10:49 am
So our F&F offers show an increase to the dividend in my case from originally 45p to 53p and for my wife from 25p to 30p. Chances of acceptance? Good?
 
 

Foggy

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Post by Foggy » Sat Aug 22, 2015 5:15 pm
I would say so :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Sat Aug 22, 2015 6:24 pm
I agree.
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
 
 

relieved33

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Post by relieved33 » Sat Aug 22, 2015 6:28 pm
I think that if Mel thinks it's the best offer and is prepared to put it forward, it stands an excellent chance!
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon Aug 24, 2015 10:56 am
Good luck!
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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