Pension lump sum?

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ray348

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Post by ray348 » Mon Sep 07, 2020 2:31 pm
Hi-l have an IVA with Debt Focus. Do you know what the company's rules are concerning a pension lump sum? Do they take it, or not see it as a windfall?
Many thanks,
Ray

kallis3

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Post by kallis3 » Mon Sep 07, 2020 3:00 pm
Pension lump sums are usually grabbed by your Ip company and paid across to your creditors. If you hit 100p in the pound plus fees, anything left is yours. Do you have to take it now or could you defer it until after your IVA has finished.
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

ray348

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Post by ray348 » Mon Sep 07, 2020 3:20 pm
Many thanks-one other quick question-the amount that would be taken-would it be the amount agreed on to be paid i.e. £7k over 60 months, or the original debt e.g. 18k?
Thanks again

kallis3

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Post by kallis3 » Mon Sep 07, 2020 3:23 pm
Would be the original debt.
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
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