Hi there I am writing to find out some info for a friend. ...he is currently signed into an iva and has been advised that he is going to be retired as medically unfit for duty. He is going to be entiltled to a lump sum payout and an annual pension salary I am unsure about amounts... I understand that for this to be safe it needs to be excluded from the proposal...if not would they be able to offer a percentage of their lump sum to their creditors for example 20% or would they have to offer/ surrender the full amount?? Also as he would recieve a monthly pension that would be significantly less than his current wage would he be eligable to have his iva reassessed and adjusted? ?
He needs to speak with his insolvency practitioner and put forward some form of full and final offer. If he draws the funds down there is a danger he could lose a large proportion so best to get creditors to agree first and then take the lump sum.
I was given voluntary redundancy and my final salary pension and was allowed to make an offer of a full and final which was accepted so I was able to keep a good proportion of the pension.
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
