www.iva.co.uk

Hi - Just out of interest, I currently have a private company pension scheme, the company pays in 3%, I do not make any personal contributions (which I am unable to do whilst in IVA in any case). The scheme currently holds over £20k, does anybody have experience of being able to release funds if necessary in order to maintain IVA repayments. This is not something I would wish to do, but may be a last resort in case I find myself struggling at any point during the term of the IVA.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

Hi Mike

If you have reached a certain age and this is possible to do, there is no problem in you releasing funds and offering these to creditors, but you can usually only do this if you are 50 or older, and your own scheme may have its own rules.

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

Wow Melanie, didn't expect anyone to be up this late? Do you guys operate a night shift? Being 33, I guess that rules out that option! Cheers, Mike.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

I'm still in my Xmas holiday going to bed late, getting up late mode - but I've always been a bit of a late person to be frank - just don't ask me to get up early in the mornings at this time of year. I swear it does not get light in South Wales until at least 10.00 am!

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

I'm exactly the same, work late, rise late! Not looking forward to the 8am start Monday!! Happy New Year!

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

Mike,

Thought you might like to know about my experience re IVA & Company Pension.

I am in the process of undergoing an IVA (meeting scheduled for 28th Jan 08). However, prior to this my IP advised me to "freeze" my Company pension for 60 months whilst I am in the IVA (been in the scheme over 8 years). When I requested this my Pension Dept advised that in the rules I could not freeze my pension and also hightlighted how important and rare a Final Salary Pension is. I must admit I did not want to freeze my pension in the first place. I informed my IP who was absolutely fantastic and came up with the idea of having my IVA over 72 months instead to compensate. The IP had never heard of this ruling on pensions but thought I would let you and others know so that you can check the regulations regarding your own fund.

Hi j.k
Really your IP should have excluded your pension from your IVA proposal and waited to see if the creditors asked for it to be frozen.
What IVA provider are you with ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

Andy

Sorry for delay in responding back to you. My IP is Wilson Phillips.

J.K.