Hi I am in process of an iva being prepared. I am not in any pension scheme but I may be invited to join the company pension at Xmas? Once the iva is set up and started can I join pension scheme or would creditors not allow this?
I would make sure that you alert your IP to this now Sally, as an occupational pension is a good thing to have and one which is generally supported by creditors. It would be sensible to provide for this now, and you should try and get more details from your employer about the scheme.
Hi Melanie, I am using your company and am talking to Cmaire in proposal team tomorrow at four to discuss figures. I have been asked by work about joining and it will be 3% of salary which I think would mean I would be approx £39 a month less in take home pay (2.4% as tax relief); I am worried if I do join that the IVA would be rejected as less money to offer but feel that as I am 34 years old I should do something?
That is very sensible - and I will ask Claire to look at this tomorrow before your chat. Why do you have to wait until Xmas to join - is there a minimum service period you have to work before you become eligible?
To be honest it was my collegue who asked and she has only been there a short while I have been there a year a half and I believe that I might be able to join now maybe with managers discretion? I will find out before I speak to Claire tomorrow but I don't want to jeopardise the proposal by doing so as have CCJ's that have been passed to new courts (nearer creditor I believe) for enforcement so I believe our case is being fast tracked.
I've just had a quick peek at Claire's working papers, and I don't think the pension contribution will make much difference to the outcome of the IVA - so please do discuss this in greater detail with Claire in your meeting tomorrow, but all looks fine to me right now!
Thank you Melanie; do you think that the creditors would accept a lower figure than the 34p in the pound less your fees that Tina originally worked out for us? I am a worrier aren't I !! I really want the IVA to be as good an offer as possible as I really want it to be accepted and for us to pay back as much as we can and feel I would be taking more money out that should be available to the creditors. I will discuss it with Claire and thank you for your help and peeking. . .
I do - and can confirm that we regularly get IVAs accepted at returns of 15p in the £, so yours ought to sail through. They key to IVA success is getting the balance right between your needs and those of the creditors. At the age of 34 a regular payment into a pension scheme is a pretty important priority in my book - there is unlikely to be a great state pension available for you in 30 years time.
Hi I am a nurse and not in our pension scheme due to finances Im 40! OUR CREDITORS MEETING IS ON 21 SEPT and I have thought about the pension -is it too late to opt in -it would dent the disposable income by about 180 pounds from 400!
I strongly recommend that you consider the merits of entering into the pension scheme now, and am suprised this was not discussed with you by your IP. It is very unusual to see a member of the NHS not in the superannuation scheme - have you opted out at some stage?
yes i opted out twice due to problems etc but am very worried now. Andy did speak to me but thought it might look strange as a new outgoing in june. Liz at Liberta is my IP -think i will discuss it with her- our return at the mo is 54p in the £ so pay back 37000 of 45K before fees etc if approved 398 per month.
