Hi. I met a new client yesterday who has an IVA. Wondered if you could assist ?

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Gareth.d

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Post by Gareth.d » Wed Oct 22, 2014 11:29 am
Hi
I met a new client yesterday who has an IVA. He came to me for advice on retirement options as he has been told he can retire early. IVA's are way outside my area of expertise and I wondered if you could assist please?
1. The IVA was for £36k and he's paid £26k, he'd simply like to pay it off. Is there any danger they can 'attack' his pension lump sum for more that the remaining IVA balance?
2. If not, can he simply make an offer to repay early?

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ilikewatch

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Post by ilikewatch » Wed Oct 22, 2014 1:43 pm
Until an expert comes along I'll give you my (novice) thoughts on the matter.

It's unclear from your post whether the £36K you refer to is the total amount of the debt included in the IVA, or the amount your client expected to pay during the period of their IVA.

If the total debt included in the IVA was £36K, then I would imagine that an offer to pay the remainder of this sum in full, plus any agreed fees would be acceptable to the company administrating the IVA.

If however the total debt was (for example) £72K and your client was expected to pay this at a rate of 50p/£, and has so far paid £26K of the expected £36K total, then unless there was a very good reason not to I expect the IVA company would require 100% repayment (£72K + fees) if the funds became available.
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Adam Davies

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Post by Adam Davies » Wed Oct 22, 2014 2:34 pm
Hi

He can offer a lump sum from his pension pot to conclude his IVA

Do however check his Chairmans report following his creditors meeting to check if anything was stated about his pension pot

Regards
Andam Davies
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