Is a windup pension scheme regarded as a windfall?

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confused

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Post by confused » Sun Jul 05, 2020 8:45 pm
Hello
Does anyone know whether lump sums from a windup pension scheme could be used to make a full and final offer on my Iva? It is not enough to settle full amount, but would cover outstanding payments. Would this be considerèd as a windfall? Should I talk to IP, if they treated it as a windfall , I would need to continue payments and also lose my pension rights
I would appreciate your comments

Foggy

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Post by Foggy » Mon Jul 06, 2020 8:04 am
Similar query here: wind-up-pension-lump-sum-t89387

As IPs do have a tendency to treat these things differently it is best to chat with them to see how the land lies. These days they are also getting into the habit of re-interpreting IVA clauses ! Do have a look through your proposal first, though. Sometimes pensions and proceeds are excluded.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

confused

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Post by confused » Wed Aug 26, 2020 10:03 pm
Hi Foggy
Just to let you know that I made an offer to my creditors, offering some of the proceeds from a wind up pension scheme as a full and final offer to complete my IVA, has been accepted. I am so happy that my IVA will now be paid off 2 years early and will not be hanging around my neck. Freeman Jones were a great help and got things moving very quickly .

kallis3

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Post by kallis3 » Thu Aug 27, 2020 8:07 am
Brilliant news!
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

Foggy

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Post by Foggy » Thu Aug 27, 2020 8:33 am
Great to hear that they took a logical approach (after all losing some of your pension pot this way isn't 'free money' and it will cost you in lost pension income in the long run, so still a sacrifice on your part).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

confused

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Post by confused » Sat Aug 29, 2020 7:47 am
Hi
Yes, you're correct in what you say, but , to be fair, this particular pension was paying out less than £30 per month, and I am still getting a lump sum. Obviously, I had to weigh up all the pros and cons, and considered that, in this instance , it was the best course of action for me. Maybe wouldn't be right for everybody, of course.
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