Using part of pension pot to start a business

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leslie851

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Post by leslie851 » Sat Aug 22, 2020 5:39 am
I wrote to my IVA a d asked if I could use some of my pension pot to start my car business buying and selling repossessed new cars at cut price my money I make would go to pay my IVA off but they said I cant and I would have to use all my pension to pay them off why wont they give me a chance to make money my life is non existent at the moment in time I wanted a better life can they do this to me stop me from making money.

kallis3

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Post by kallis3 » Sat Aug 22, 2020 8:00 am
Unfortunately you will have to pay it across as you need to pay as much back to your creditors as possible. If there is any left it would be yours.

Do you have to take your pension yet? How long have you been in your IVA?
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.
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Foggy

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Post by Foggy » Sat Aug 22, 2020 8:45 am
Bottom line, while we are in the IVA, we owe money that has to be repaid if possible --- yes, you might make money selling cars, but that is a gamble and the creditors have already lost a chunk ! If you cash in your pension that is a sure thing and they will want that rather than gamble. As annoying as it feels the creditors have a stake in this too.

I would leave the pension pot where it is and finish the IVA --- after that what you do is your own business ---- though I would advise getting independent advice from a pensions expert first. So many pitfalls !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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