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norman

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Post by norman » Sat Jul 06, 2019 9:16 am
My 6 year IVA ended last September Select told me I could not remortgage so the 12 extra months kicks in ,in the mean time through reading posts on this site which I only joined in May to get advice on equity release ,I realised that I should not have taken and spent a private pension after I turned 55 in 2016 as it is classed as a windfall as soon as I realised I got in touch with Aperture and told them in May my mistake, I honestly did not have a clue ,the person I spoke to said don't worry you are not the first and won't be the last so now instead of a straight forward £211 for the next 12 months I am doing a variation with them to try and pay back whatever they want I have offered £4,100 lump sum plus another 1 or 2 years at £400 a month which will cover the £10,000 I still owe them ,I have given them all the info they want where the funds are coming from etc but have heard nothing although I've rang them about 4 times since then ,today I have had a letter from PCO Holdco IVA watch says original creditor Barclaycard saying I owe £259 but also saying it is not a demand for payment ,can any of you experts give your comments on this please as to what you think might happen or not happen ,my original debt was £25,000 paid over £15,000 back which left the £10,000 at the end of 6 years ( Northern Rock ) which I have told them I will pay back in the variation if accepted ,plus fees etc if required .

Foggy

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Post by Foggy » Sat Jul 06, 2019 9:32 am
How much was the pension lump sum you drew down and spent ? Check your proposal carefully, especially under "Assets" (normally at the beginning), sometimes pensions and proceeds are specifically excluded.

Regarding the letter from PCO Holdco -- this is just a statement they failed to supress. The figures are probably wrong anyway. Ignore it.
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

norman

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Joined: Fri Jun 30, 2017 4:24 pm

Post by norman » Sat Jul 06, 2019 10:17 am
It was for £16,000 I had paid nothing into this pension since 1980 I only paid it for 3-4 years then it was frozen I didn't even know if it existed then started getting letters saying now you are 55 you could draw your pension someone got in touch I think it must have been sold on to someone else and I went from there thinking I might get a bit of money to help us through the IVA as my wife who is 8 yrs older than me had a knee replacement which didnt go well so was on the sick for 6 months went back to work but it was heavy lifting job so she had to retire she had no wage for a full year until she got her state pension the year after so in order to keep IVA going and everything else it was like a gift from God when this money was paid into my bank ,my son was getting married and I just wanted to help him we had no central heating at the time and it just got used up I just thought it must be mine I had no idea it was a windfall there is no mention of it in the assets as to be honest I didnt know it still existed until I turned 55 ,I realise I will have to rectify my mistake and have told them I will pay all back ,if I hadn't owed the £10,000 I wouldn't have felt so guilty but it has to be paid back I know I just hope they accept my proposal .

luluj

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Post by luluj » Sun Jul 07, 2019 8:26 pm
All you can do is explain the full circumstances and how the money was spent and see what they say ... hopefully they will take into account the ill health of your wife during this time etc
Sharing from experiences of dealing with debt

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

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