Are creditors allowed to ask us to stop paying into our pensions ? I am near retirement

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Tony.mac

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Post by Tony.mac » Sat Aug 23, 2014 3:34 pm
I've been asked to provide details of my partners and my own pension as creditors may ask that we stop paying into pension. We are in interlocking IVA. I'm not far from retiring and would lose out if this happens. Are they allowed to do this ?
 
 

Foggy

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Post by Foggy » Sat Aug 23, 2014 4:11 pm
They generally want you to only pay the contracted or atatutory minimum into a pension pot but, I believe, also weigh up the specific circumstances like time in the scheme and the ramifications of reduced payments. Forinstance a 20 year old will have time to make good any shortfall, whereas us older specimens would not.

They are allowed to ask, and you are entitled to refuse. However, such refusal could mean the IVA will fail. A good IP will be able to put the best arguement forward on your behalf.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Tony.mac

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Post by Tony.mac » Wed Sep 17, 2014 12:15 pm
Thanks Foggy, IP must have put good case forward as creditors accepted our pension payments.
 
 

Foggy

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Post by Foggy » Wed Sep 17, 2014 12:35 pm
Good news :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

plasticdaft

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Post by plasticdaft » Wed Sep 17, 2014 9:48 pm
Good news indeed,especially given the time to retirement.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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