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Retirement pension
Posted: Tue Aug 10, 2021 4:57 pm
by mandy866
I’m due to take 25% of my retirement pension it is less than what I’m expected to repay can I offer it as a final payment or would they just take the whole lot mandy
Re: <t>Retirement pension</t>
Posted: Tue Aug 10, 2021 5:01 pm
by kallis3
Do you have to take it now or could you leave it until after your IVA has completed.
Re: <t>Retirement pension</t>
Posted: Tue Aug 10, 2021 5:44 pm
by Foggy
If you are wanting to offer it as a full and final DO NOT draw it down until a F&F has been agreed. Unless pensions and proceeds are specifically excluded in your proposal it will be sucked into the IVA in addition to your agreed payments.
The work around is to offer to draw down a given amount for the sole purposes of paying a F&F and, if the offer is rejected you will leave it in your pension pot.
How long have you got left in your IVA (and are you a homeowner) ? What is your current IVA payment each month ?
A F&F is based on remaining payments.