Will my pension lump sum be taken off me while in an IVA? Also will the regular monthly pension be taken away while in a pension. It would be accessing my pension early. Five years before full pension date. But quite normal formany to access their pension earlier. I've also been a part time worker for most of my teaching career and left five years ago.
Depending on how long you have been in your IVA, if you can manage it I would hang on until the end before cashing in.
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
If you draw a lump sum whilst in your IVA it will, in all probability, be payable to your creditors. Any ongoing regular payment will also be counted towards your income for the purposes of calcul;ating your monthly IVA payment.
If you can leave it until the IVA is fully completed you will a) benefit from any lump sum yourself and b) enjoy a slightly increased monthly payout (depending on the performance of the financial market).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes you may likely have to pay the lump sum into your IVA so take great care.
It might be better to make a condition f&f offer to pay a lump sum from the pension to end the IVA early, but you will only do it if creditors agree to the variation order.
As with the annuities if your IVA income increases your contributions are likely to increase accordingly.
