would I be able to join the pension scheme in iva?

[canary]

Hi, my wife and I have debts of around £44000, (loans/credit cards/overdrafts)with a monthly income of approx. £2100. I dont know what our disposable income is as Im not sure whats included. I have not been able to pay into my works pension fund as our outgoings are obviously very high each month. If we were to go for an IVA, would I be able to join the pension scheme and include this in our expenses? Also, does the person who helps to set up the IVA let you know everything that can be put down as monthly expenses, as Im sure that a lot of things I would forget to put down, and so increase the amount of disposable income left each month. I hope this makes sense! Thanks in advance

[MelanieGiles]

Hi canary and welcome to the forum

The rules are generally that if you are in an existing works pension scheme when starting out on an IVA, then these payments are generally acceptable - so long as they are being deducted straight from your salary and not paid directly to a private pension scheme.

Depending upon the firm you choose to represent you, there ought to be a lot of guidance as to how to present your case, and most IPs will run through a check list with you to ensure that you have included all expenditure. Have you consulted anyone yet?

[cfnc]

Hi Melanie,

My husband had a stipulation in his IVA that he could not contribute to his works pension, but if we have some extra money that we manage to save from our allowed expenses could we then make adhoc payments to his pension?

He is worried about not having enough paid into his pension, I do not have one as i have not worked properly for over 16 years due to health reasons and having 4 children.

Thanks, Kirsty

[MelanieGiles]

I am not sure that he could make ad hoc payments into his works pension scheme - but no harm in checking with his HR department to see if this would be possible.