I am considering an IVA to address £200k mortgage shortfall and £20k credit card debt arising from my impending divorce.
As part of my divorce settlement I will be giving 25% of my pension to my ex wife leaving me with a significant shortfall. How would any increased pension contributions to my scheme to fix this be treated in an IVA?
The likelihood is that this would not be considered favorably given that increased contributions would be to the detriment of your creditors.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Andy Davie/Vincent Bond (details under the expert link on the left hand side of the page) and they may be able to help you.
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
There are guidelines for pension contributions based primarily on age. The older you are the more you can pay in and your IP will discuss this with you.
While it is a very large shortfall creditors normally accept IVAs for these type of debts. Here in N Ireland we have these type of cases on a daily basis with shortfalls on individual properties exceeding this £200k.Some former landlord portfolios have shortfalls in the millions and creditors only get back fractions.