Do I have to pay my lump sum pension into my IVA ?

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Jill.k

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Post by Jill.k » Thu Dec 04, 2014 1:18 am
i am in last year of my iva, and have just reached 65 and a company i paid into a pension with 30 years ago have written to me saying i have a pension lump sum due, do i have to pay it into my iva
 
 

Foggy

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Post by Foggy » Thu Dec 04, 2014 7:51 am
You will need to check with your IP. In many cases pension pots and payouts are excluded and all will depend upon how your own IVA was drafted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Adam Davies

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Post by Adam Davies » Thu Dec 04, 2014 9:21 am
Hi

I would hold off from taking the lump sum until your IVA is concluded

Regards
Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Thu Dec 04, 2014 9:36 am
If this is paid to you it could be seized as a windfall unless it has been excluded. Check your proposal and as Andy says try and hold off if possible.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Garyd0559

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Post by Garyd0559 » Sat Dec 06, 2014 12:20 am
how would it be worded as mine says assets windfall ie lottery win. makes no reference to pension payout
 
 

Michael Peoples

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Post by Michael Peoples » Sat Dec 06, 2014 1:18 am
It depends on who your company is as to what is in the proposal. Your own IP should be able to tell you if you are affected.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Jill.k

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Post by Jill.k » Sat Aug 01, 2015 9:00 pm
hi, i have been told i have two more payments to make to stepchange, on the first sept. and then first of october, i was wondering how long it takes for the CC to arrive after that,
thanks in advance :
Jill.K
 
 

Foggy

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Post by Foggy » Sat Aug 01, 2015 9:05 pm
Stepchange seem to be generally quite fast at getting the CC out, so, hopefully a few weeks to 3 months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Jill.k

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Post by Jill.k » Sat Nov 21, 2015 3:16 pm
Hi All, great news today the 21/11/15, recieved my completion certificate (dated 16/11/15) ..... 3 weeks after my final payment date..... thanks to Stepchange for all their great help and support.
CC is only a signed letter from supervisor and details of payments etc. but VERY welcome,,,,,
 
 

Jill.k

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Post by Jill.k » Sat Nov 21, 2015 3:18 pm
Is it a good idea to apply for a Vanquis card , or will they turn me down and affect my credit rating ?
 
 

kallis3

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Post by kallis3 » Sat Nov 21, 2015 3:28 pm
Great news and well done!!

Check your credit record to see if there are any defaults still recorded against it and if so, get in touch with those creditors to tell them to remove them.

You will still be on the Insolvency Register for up to three months from today and of course your IVA will stay on your credit record for six years from the start of the IVA.

Might be an idea to wait a while?
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.
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Lisa Thomas

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Post by Lisa Thomas » Mon Nov 23, 2015 10:11 am
Well done - and you got to keep your pension too. Good luck for the future Jill.
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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