www.iva.co.uk

I am in an iva and currently receive a pension payment of £40 a month, the pension company have made an offer of £10,000 as a complete payment of the said pension. The £40 a month payment is declared on my ova earnings. If I accept the £10,000 do my creditors have any claim on it because it technically isn't a windfall. This also affects my monthly income as my earnings will be lower. Please advise.

I think u wood have to pay it in to the iva

Hi,

It depends upon what it says in your proposal as some pensions are ring fenced.

Check your paperwork and speak to your IP.

The easiest way would be to call a variation and possibly offer some or all as full and final. If accepted draw down the funds and if rejected keep taking the £40. Take the £10k later when the IVA is over.