I have been trying to offer a f&f to our iva company with a pension drawdown

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by steve509 » Mon Mar 26, 2018 5:10 am
Hi I have been trying to offer a full and final to our iva company with a pension drawdown and having been told by my iva company I would need to look around the 10k mark to offer I have through select partnership arrange in principle a 2nd mortgage charge to run alongside our mortgage of 5k plus the 7300 pension drawdown making a total of 12300 and was wondering if this would swing it for IP to call a meeting with this offer as I have 2years 3mths and adding on a extra 12 mths for equity =total payments =7878=4422more going to put in writing to iva company and hope they will call a variation sorry to be a pestering just want to get out of iva thanks for reading
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by Foggy » Mon Mar 26, 2018 8:19 am
It looks as though it should be taken seriously. Remember, though, that you will not be drawing down any pension unless the offer is accepted. If you draw it down anyway it will belong to the creditors and you will gain nothing.

Also weigh up the long term effects of losing a lump of your pension, which is designed to pay out over a few decades, against the short term gain of shortening the IVA by a few years. Sometimes the figures work in our favour, but the wider picture should be considered.
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Lisa Thomas
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by Lisa Thomas » Mon Mar 26, 2018 8:45 am
Why are you offering them £4k more than (might be) necessary?

If you payments are c£7k left to go then make an offer around that region.

It is not up to the IP to decide, it's up to the creditors - the IP has to put the offer forward.
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