Pension draw down before completion cert

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
Paul.61
Posts: 15
by Paul.61 » Tue Nov 28, 2017 6:59 pm
I am sure I am not on my own here when I say my house is falling down! The years building up prior to entering my IVA then for the 5 years during it has meant I had zero to put towards maintenance and our house is in dire need of work, especially now winter has well and truly arrived.

I have three pensions and one I that had quite literally forgotten all about. As an over 55, the 25% I can take tax free will just about cover the most urgent of repairs, but as I only completed my IVA by way of a full and final settlement on Nov 7th, I am yet to receive my completion certificate.

Will I be safe doing this now or should I wait until I get the certificate? Do my creditors still have a hold over any funds like this even though they accepted my full and final offer and that payment has been made?

Thanks
User avatar
Foggy
Forum Expert
Posts: 24151
Contact
by Foggy » Tue Nov 28, 2017 7:06 pm
Until you get that certificate you are still in an IVA and they can grab windfalls, so I would wait untikl then -- unless the pension and proceeds were listed as an excluded asset.

Who are you with ? Many firms take less than a couple of months (barring complications) -- Aperture and Payplan take longer.
User avatar
Paul.61
Posts: 15
by Paul.61 » Tue Nov 28, 2017 7:20 pm
Foggy wrote:
Until you get that certificate you are still in an IVA and they can grab windfalls, so I would wait untikl then -- unless the pension and proceeds were listed as an excluded asset.

Who are you with ? Many firms take less than a couple of months (barring complications) -- Aperture and Payplan take longer.


Thank you Foggy, I had a feeling you might say that!

I'm with Payplan and I posted on here how it took over 6 months to arrange a variation meeting for my full and final offer so I will not be holding my breath for a quick turnaround!
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 6 guests