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How do IVA's affect pensions as I have a pension with a company that it also a main creditor on my IVA application.

I don't pay additional sums into this pension however it is still there.

Hi lisa.t and welcome to the forum. As far as I am aware, any money already paid into a pension fund cannot be touched. However, you may have to stop paying money into your current pension (presuming you have one), although this is a grey area and varies between different IVAs.

Four down, fifty six to go until freedom!

Hi
Yes Skippy is correct,the amount paid into your pension is safe regardless if the company running it are one of your creditors or not.You may be asked to stop payments for the term of your IVA so that the money that you would have paid into the pension can be put towards your IVA.This is common procedure.

thanks to those who replied regarding pensions.

new query

How do IVA's affect car insurances, contents and buildinds insurance if you have to pay monthly as I believe these would still be classed as a creditor.

If my IVA application goes through then my future insurance renewals will be a worry.

Any advice please!

You can still pay monthly for things like insurance, utilities and contract mobile phones. These are not credit as such as they can be discontinued by the company if you fail to make a payment.

Four down, fifty six to go until freedom!

Hi Lisa

If you do an IVA, pay monthly insurance such as car or Buildings/Contents insurances are not be treated as creditors. You budget for these payments in your monthly expenditure and continue to pay them through out the life of your IVA.

I have never known it to be an issue for someone in an IVA to renew these premiums and continue paying them on a pay monthly basis.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. My book, "IVA, Bankruptcy and Other Debt Solutions" was published in 2006. I have made numerous TV and radio appearances including BBC1 News, BBC News 24, Radio 4 and Wake up to Money.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

Most of these type of instalment payments are geared in a way that you at no time actually owe money.You pay a deposit and then monthly thereafter and this way you are always "infront".If you miss a payment your insurance is just cancelled,you will owe nothing.
Regards