www.iva.co.uk

i received a pension lump sum of 43000 last year and i offered it as a full and final settlement.
they dragged there feet for so long that i have spent some and now have 35000-they have now contacted me and are having a variation meeting within 21 days -
i am so worried about this situation-what can i do?

Are you saying that your IP thinks that you are still going to offer £43k? If this is the case you need to call them to come clean, and avoid them and you being embarrassed at the creditors meeting.

yes they are still expecting 43000 but nobody voted at the first variation meeting so they are having another one in 21 days-can i offer the 35000 left and say 12 months at £666 as i am paying £470 a month now anyway.
i know i have been silly but a financial adviser did tell me that my pension is not part of the iva.

Your pension was not - but when you convert it into cash, this potentially does become part of the IVA. Over what period of time have you spent the £8k - it does seem a little odd that no-one voted at the variation meeting - did your IP do anything to chase up votes at that time?

i offered them the full 43000 as a full and final settlement in august 2008-so over 12 months ago.
i actually received the money in march 2008 and since the i have begun spending it.

Was the first offer of variation put forward last August then? If so, why has it taken so long to get to a meeting stage? Something does not seem quite right here.

they have been dragging there feet and the first variation meeting was only in the last couple of weeks-the new one is very soon and they are chasing the creditors up to accept the 43000

If you knew a variation was being put forward offering £43k in the knowledge that you had already spent £8k, why did you not alert your IP to this?

You will need to call them first thing tomorrow to sort this out.