My husband wants to cash in his pension and transfer it to son's account. Can IVA claim it ?

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Karen.73

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Post by Karen.73 » Tue Apr 26, 2016 4:18 pm
My husband and I are in an IVA my husband wants to cash in his pension early (he is 48) and transfer the money to our oldest son's account (he is 20). I think that the IVA company is entitled to claim it but my husband thinks not. We started the IVA in feb 2011, they have just informed us they are adding an extra 12 months.
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Apr 26, 2016 4:37 pm
Unless he has a variation approved in advance this will be in breach of his terms - he is effectively giving away an asset to his son for no consideration.

Out of interest may I ask why he proposing to give his pension away like this?

Your husband could offer a F&F form the pension proceeds to settle the remaining 12 months instead.
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
 
 

Foggy

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Post by Foggy » Tue Apr 26, 2016 5:26 pm
If your husband cashes in the IVA will be entitled to the proceeds. Transferring the money to your son will be looked upon badly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Wed Apr 27, 2016 1:39 pm
Also if his IVA fails for any reason and he is Bankrupted his Trustee in Bankruptcy will pursue your son for repayment.
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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