I am in the last year (extended) of my IVA. Would I have to pay in a small private pension ?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
 
 

Pauldn73

User avatar
Posts: 2
Joined: Thu Sep 15, 2016 2:26 pm

Post by Pauldn73 » Thu Sep 15, 2016 2:26 pm
I am in the last year(extended)of my IVA.
I have just turned 55 and have a small private pension I could cash in. Would this have to be paid into my IVA?
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Sep 15, 2016 2:35 pm
Yes, unless pensions and proceeds were disclosed and specifically excluded in your arrangement. In the extension year you are under exactly the same constraints as in previous years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Thu Sep 15, 2016 2:47 pm
It may be better to wait until your IVA has completed and then cash in the pension to avoid any problems.
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
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Sep 15, 2016 2:48 pm
I agree that you should hold off until the IVA is completed
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
 
 

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Fri Sep 16, 2016 12:42 pm
The alternative might be to put forward a variation to creditors asking if you can cash it in and pay over the last years worth of contributions to close the IVA early.
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
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”