Could a pension draw down be used to offer a full & final settlement on an IVA?

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by steve509 » Thu Feb 08, 2018 1:59 pm
Hi sorry to bother I am in a joint iva with my wife coming up to 3 years currently paying 202 a mth and mortgage paying 549.73 balance of 43k and valuation of 83k no chance of getting a remortgage l am retired on dla and my wife works as a sales assistant for a well known company my question is is possible she is coming up 55 years old so has a pension she can draw down and to use this to offer as a full and final to iva worked out including 12 mths equity =7878 and after tax my wife's drawdown=7300 would this be feasible sorry it's so long and thanks for reading
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Lisa Thomas
Industry Expert
Posts: 7185
by Lisa Thomas » Thu Feb 08, 2018 3:30 pm
Hi Steve

If you have c3 years left that amounts to payments left of c£7,300.

This is the amount to base your offer on.

After allowing for cost savings etc I would think a lower offer may still be seen as attractive enough to accept by creditors, say £5k.

Please do NOT draw anything down unless and until creditors accept the lump sum full and final offer first.
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by Foggy » Thu Feb 08, 2018 5:18 pm
As Lisa says : You are offering to draw this down solely for the purposes of a F&F -- if they decline the offer the money will not be drawn down and will remain for it's intended purpose in the fullness of time.
If you draw down before the offer is accepted (or after the offer is refused ) it will be payable into the IVA as an asset, unless pension proceeds are specifically excluded in your proposal.
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