I am currently in my 4th year of my IVA and am hoping to retire soon with a lump sum.
The wording of my agreement states " The debtor pays £21 to an occupational pension. I propose for the purpose of this arrangement, it remains an excluded asset ".
Does this mean I can retire and not have to disclose this lump sum to my IVA firm and just keep making my normal payments each month ?
No - if you take the limp sum now it potentially goes into the IVA.
You should only consider doing this if it ends the IVA early and you have an agreement in place linked to what the creditors would want.
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.
If you take this without disclosing it you are in breach of your IVA and at risk of failing it if your IP ever finds out.
Instead follow LNEs advice offer a lump sum F&F settlement from the proceeds and if creditors accept the variation then draw it down and finish your IVA early.
I used some of my redundancy pay to fund a full and final.
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
