Can you have you pension lump sum and monthly payments paid directly into an overseas account to avoid it being used for an IVA? Because of my debts, this lump sum (if I choose to go ahead and drawdown) is the only way I can afford to put a roof over my head instead of living in a crummy bedsit.
I doubt it very much - you are supposed to pay back as much as possible to your creditors.
Are you in an IVA?
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
If you want to draw down the funds to find somewhere to live it would be better to get permission. Creditors may allow this and you would not then be risking your IVA.
As you can now draw down your pension cash and use it in whatever way you see fit shouldn't it be seen as an asset available within the term of the IVA in the same way as say PPI?? what is to stop someone who has a large lump sat there waiting until the end of their IVA (paying off say 50 p in the £) and then cashing it in...
Nothing. However if the pension is drawn down during the IVA it could be deemed a windfall. Many proposals exclude pensions so the client can do what they want but it is always worth checking you are doing nothing risky.
Comes down to what suits your needs based on the situation at the time.
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.
Any excessive pension payments pre IVA could be recovered in bankruptcy. If the I.P. was aware that someone had pumped heaps of cash into their pension they would have an obligation to report this to creditors. Bankruptcy proceedings could be instigated.
That's assuming the IP is told about any pension contributions, I was never asked about my pension (not that I actually have or have been able to pay into one for the last six years)
Mine was known about from the beginning as contributions were taken from my salary and I took voluntary redundancy and retirement and was able to use some 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
I've not been able to make any - the most I have been able to do is set up something and even then that has been misinterpreted.
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.
We ask about pensions as creditors will normally allow the client to remain in the scheme provided they are paying the minimum to remain or the maximum under the guidelines. Creditors rarely bother about them and I have never seen anyone preload their pension before entering an IVA. It is usually the opposite in that they have reduced or even suspended payments as they struggled with their debts.
There are ways to cheat the system if you set out to do so but ín my experience this is very unusual and there are easier ways than entering an IVA.
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
One thing I have learnt over the last six years is that each IP has their own way of doing things. We had to cancel our life ins policies and were told to find cheaper ones that gave the same cover (we had the original policies for 10 years and had no chance of getting anything anywhere near as good for less money so our Life ins is pathetic now) and we were told that pensions contributions would not be included within our I&E.
