Hi,I have just got a pension rebate!

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Gareth.th

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Post by Gareth.th » Tue Sep 28, 2010 1:02 pm
Hi,

I have just got a pension rebate! Its a company pension and has been paid in with my normal salary. How much of this will need to be paid into the IVA? Is it the full 100%, 50% or as its with my salary 50% after my 10% grace?

Any ideas?

Cheers

Gareth
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 1:19 pm
Hi Gareth,

Not sure about this, it may be classed as a windfall and have to be across in full but I'm not sure about that.

I would run it past your IP.

Hopefully one of the experts will be along to advise further.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Gareth.th

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Post by Gareth.th » Tue Sep 28, 2010 2:11 pm
Thanks. I have called my IP and even they are not sure and have said they will call me back.

I think it will likely be classed as a windfall as I know things like tax rebates can be classed as windfalls. Which is a shame as half of it would come in handy with Christmas on the horizon!

This will be the 4th time I have paid extra into my IVA. Its probably amounted to about a years worth of payments. Do these reduce the amount of time I'm in the IVA (so 5 years, down to 4) or is it just extra money to my creditors?
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 2:17 pm
Unfortuntely, unless you can manage to pay back 100p in the pound plus fees and interest, your IVA will continue on for the full five years. It just means that you will pay back more.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 28, 2010 10:46 pm
Whenever there is a grey area - and this looks like a good example - I always air on the side of the person in the IVA rather than the creditors. A few extra pounds for you may make a vast difference - for your creditors not even a drop in the ocean - and support like this does lead to very loyal clients in my opinion. Other IPs may have different views.
Regards, Melanie Giles, Insolvency Practitioner
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