www.iva.co.uk

Posted: **Wed Oct 24, 2007 10:48 pm**

Can I just ask a question, I have a local government pension, this is clearly shown on my payslip, this takes up 6% of my pay. I was afraid I may need to freeze this for the term of the IVA but this has not been the case, is this usual or are pensions a bit of a lottery?

Posted: **Wed Oct 24, 2007 10:59 pm**

A bit of a lottery but, in your case, as an employee of local government is it not mandatory to contribute in which case the creditors had no option but to acccept this if they wanted the IVA to proceed.

Posted: **Thu Oct 25, 2007 1:39 am**

I very rarely have creditors wanting a debtor to put their pension on hold. I think that these days it is socially acceptable that some form of provision for retirement is acceptable expenditure.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Thu Oct 25, 2007 7:26 am**

Hi Marsha our IVA has just been accepted and in the mods it stated that if we were less than 55 we could continue with the pension but only a the minimum level and we have to send proof to the I.P if we were over 55 they would accept us paying additional contributions as well,
Best of luck
Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

Posted: **Thu Oct 25, 2007 9:32 am**

My pension wasn't mentioned in either my IVA or BR so I am still making contributions. I pay the maximum that the company will match but I don't make any additional contributions.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Posted: **Thu Oct 25, 2007 10:12 am**

It can be a bit of a lottery. If your pension is involuntary though it would almost always be allowed to continue in an IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Posted: **Thu Oct 25, 2007 4:53 pm**

If the pension payment is part of your contract your creditors are unlikely to have a problem with this.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Posted: **Thu Oct 25, 2007 6:17 pm**

One of my requested modifications was to freeze my pension and stop paying it and the money that normally goes in to the pension in to the IVA.

I spoke to my company who told me that their was no option to do this but to come out of the pension and could not join again, apparntley its a based on final salary, which i beleive its very hard to get this type of pension.

My company wrote to the IP explaing it, in the end i did not have to come out of it.

no matter how bad money gets, theirs stll alot more important things in life

Posted: **Thu Oct 25, 2007 8:10 pm**

Hi
That's good news and it's also a credit to your creditors for allowing you to stay in it.They could have insisted that you abide by the modification
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Mon Oct 29, 2007 4:14 pm**

Hi,

Hoping you can help. I am a little confused. I am three years into my IVA this Dec. When I set up my IVA I was told that I was not allowed to contribute to a Pension under the terms of an IVA. I did not question this at the time as was in such a mess. Now three years on though I have changed companies and not being able to pay into an IVA means I have missed out on joining a fabulous company pension scheme losing generous company contributions. I feel that this is a massive setback. What is my position is there anything I can do for in the future?

Thanks,

Siobhain

Posted: **Mon Oct 29, 2007 4:16 pm**

Hi there

Nothing you can really do I am afraid. Debt is debt unfortunately, and if your creditors have said no pension contributions, then you will just need to try and join the scheme once the IVA has concluded.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Mon Oct 29, 2007 4:39 pm**

Hi
Once your IVA is concluded you can join the scheme and pay additional voluntary contributions[avc's].You should be able to make up any shortfall after a number of years.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp