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pamela611

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Post by pamela611 » Thu Jul 29, 2021 5:05 pm
I AM IN THE 6TH AND HOPEFULLY MY FINAL YEAR OF MY IVA AND HAVE ONE MORE PAYMENT TO MAKE CAN THEY ASK ME TO PAY ANY MORE AFTER THIS AS I HAVE NEVER MISSED A PAYMENT?
I HAVE A PENSION TO CLAIM NEXT YEAR CAN THEY TAKE THIS AS WELL?

Foggy

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Post by Foggy » Thu Jul 29, 2021 5:13 pm
They can only ask for arrears ... maybe a pay rise they overlooked or overtime they discover.
I assume the 6 years includes the 12 months for equity, or was it 6 years from the start ?
As long as the IVA has formally completed before you draw your pension they will not touch it --- often pensions and proceeds are excluded in the proposals anyway.
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

kallis3

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Post by kallis3 » Thu Jul 29, 2021 5:53 pm
Glad to hear you are almost done and can only echo what Foggy has said.
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

luluj

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Post by luluj » Fri Jul 30, 2021 10:28 am
Oh how exciting... you are so close and have so much to look forward to next year x
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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pamela611

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Post by pamela611 » Fri Jul 30, 2021 10:39 am
Thu Jul 29, 2021 5:13 pmFoggy wrote:
They can only ask for arrears ... maybe a pay rise they overlooked or overtime they discover.
I assume the 6 years includes the 12 months for equity, or was it 6 years from the start ?
As long as the IVA has formally completed before you draw your pension they will not touch it --- often pensions and proceeds are excluded in the proposals anyway.
Thank you for your reply, I am not in arrears and did not default on any payments or take any payment holidays. I know that they can ask at the end for any overtime etc. but at least I know now that when they have done the final review on pay slips etc. and I pay them the final, if anything, that is it.
I can get my life going again.

Thank you
Pam

Foggy

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Post by Foggy » Fri Jul 30, 2021 10:57 am
Remember, though, Pam, going forward they will still have dibs on things like PPI refunds, should any arise, as the potential refund existed (albeit not known about) during the IVA.

I have to say ( and I may be tempting fate here) that, since the end of my IVA 8 years ago, it has never raised it's head again, other than the usual credit record clearing (which was also pretty much painless).
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

kallis3

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Post by kallis3 » Fri Jul 30, 2021 11:01 am
Same here - finished 8 years ago and heard nothing since. Still have my completion letter as well - never know if anything will come up.
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

IVA info

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Post by IVA info » Fri Jul 30, 2021 11:14 pm
You be best to look at your proposal about the pension, and it may take a while to get your completion cert, until then you may be bound by the terms and if you drawdown your pension it could be a windfall and you may lose all or part of it, your IVA will prob be a trust IVA if a protocal IVA , which means they can come back later.

if you were not aware of any of this then maybe you need further advice because you should of been when you went into the IVA.

kallis3

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Post by kallis3 » Sat Jul 31, 2021 7:29 am
Once the completion is issued your company cannot come after your pension, windfalls or inheritance. They can only have PPI if you had it.
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 » Sat Jul 31, 2021 8:46 am
Sat Jul 31, 2021 7:29 amkallis3 wrote:
Once the completion is issued your company cannot come after your pension, windfalls or inheritance. They can only have PPI if you had it.
....except for those that have arisen during the term of the arrangement.
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

kallis3

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Post by kallis3 » Sat Jul 31, 2021 8:57 am
Sorry Foggy - forgot about putting in that they would be forfeit if known about during the IVA - doesn't apply to the pension though does it?
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 » Sat Jul 31, 2021 9:09 am
Sat Jul 31, 2021 8:57 amkallis3 wrote:
Sorry Foggy - forgot about putting in that they would be forfeit if known about during the IVA - doesn't apply to the pension though does it?
Not if the pension is drawn down after the completion has been formalised. But, sometimes, pensions and proceeds are excluded in the terms of the individual proposal anyway, so always worth checking.
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
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