What happens if I accept a complete payment of my pension ?

[Richard.ds]

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.

[gavin]

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

[Niobe]

Hi,

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

Check your paperwork and speak to your IP.

[Michael Peoples]

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.