www.iva.co.uk

I am 44 months into a 66 month IVA and as most found times difficult but have looked at this forum a lot and this has helped a great deal. My question is, I have just turned 55 and have a Pension, I am considering taking money from my Pension to offer a Full and Final Settlement, I just want this over and was going to offer the amount of my payments due between now and the end of the IVA. I am with GT, which is a concern from comments on the Forum, do you think this would be accepted by the creditors? Any advice would be welcome. Thank you

I see no reason why they would not accept such an offer, but do not draw down any monies before the offer is accepted and make it clear that you will only sacrifice some of your pension ( as that is what it boils down to) for the purposes of a F&F.

Do consider, though, the long term effect of any pension reduction vs toughing out the next couple of years.

Hi Chris this is what we have just done with DFD on the 27th of May we did as foggy states & told them we would not draw the pension unless accepted as a F&F got accepted & we have three months to make payment just now waiting for the money from our pension to make the payment told should be in our account tommorrow.

I agree that this is something to think about and certainly do not draw any money down until approval. This will affect your income in retirement and some insurance companies insist that you obtain independent legal advice before they allow a drawdown. This can be expensive and would need factored in.

It is an option but depends on many factors and be careful not to rush into anything for the short term gain of getting rid of the IVA.

Hi Michael the pension i have cashed in would have only been worth £6 a week so to me it was no contest finish IVA early or less than a £1 a day no contest.Also Chris do not know how large your pension pot is or how much you owe on your IVA but if large enough why not just use the 25% tax free option & leave the rest invested until you retire to build your fund back up

this is exactly what i would like to do when i reach 55 and can draw down my pension make a f/f offer how did you word the letter please fisherman

I can see why you cashed yours in Fisherman. It does sound like a 'no brainer'. Well done.

my pension to will only be worth 8.50 per week

Linrog.
You would want to live a long time to get any benefit from that!

will start the ball rolling end jan when i reach 55 hopefully get f/f offer accepted then will start drwdown

Hi linrog in the first place I just called DFD told them that we would like to make a F&F & to see what info they would require.Was told up to date income/expenditure, proof that we had the pension funds. scanned these to them & they did the rest.

thankyou fisherman thats very helpful