I am told pension drawdown will not be enough to offer F&F

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steve509
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by steve509 » Mon Feb 26, 2018 8:15 pm
In a iva will be 3 yrs come end of March 2018 started off with going down the route of a joint iva with debts of 86k started off with 160 a mth then up to 202 a mth wanted to use a pension drawdown offer after tax 7300 but was told it would not be enough I thought by offering this as a full and final offer with the extra 12mths it would be attractive enough is it right a offer should be around 9-10k needed just asking or shall we be best to carry on thanks for reading
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Foggy
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by Foggy » Mon Feb 26, 2018 8:29 pm
Considering that creditors will be saving admin fees for three years that is a decent offer. If yiou have a 5 year IVA, extended to 6 for equity -- there are 36 payments of £202 left --- so only £7272 left anyway ( if you have a 6 year, extended to a 7 year, that would be £9696).

In any event, it is your offer to make, not the IPs !
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Lisa Thomas
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by Lisa Thomas » Tue Feb 27, 2018 9:11 am
I agree with Foggy however if the IP is not on side this might be reflected in the tone of their report to creditors.

At the end of the day it is up to the creditors to decide and your IP has to call the variation meeting so you can always propose it and if it is rejected carry on as you are, perhaps get a few more payments made then offer again in due course.

Don't draw anything down unless and until any variation is approved.
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steve509
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by steve509 » Tue Feb 27, 2018 4:14 pm
In reply in reference to using my wife's pension drawdown to offer a full and final we are in a joint iva 3yrs March 2018 with 2yrs and 3mths plus 12 months for equity release so say 39payments 202=7878offer just over 7300 and my iva very reluctant to put offer to creditors and even said to drawdown and put into pot for creditors and even said let it run for at least 3yrs I am not happy and feeling to let the iva fail sorry it's long winded thanks steve
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Foggy
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by Foggy » Tue Feb 27, 2018 4:44 pm
steve509 wrote:
In reply in reference to using my wife's pension drawdown to offer a full and final we are in a joint iva 3yrs March 2018 with 2yrs and 3mths plus 12 months for equity release so say 39payments 202=7878offer just over 7300 and my iva very reluctant to put offer to creditors and even said to drawdown and put into pot for creditors and even said let it run for at least 3yrs I am not happy and feeling to let the iva fail sorry it's long winded thanks steve



Your IP is being unusually obstructive -- and stupid, if I may say so, as they, too, will be saving on time and costs. You need to speak directly with the IP as whoever you are talking to does not seem to have grasped the situation. On no account draw down anyway!
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