Will my pension & savings affect my IVA?

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teresa170

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Post by teresa170 » Fri Nov 29, 2019 1:37 pm
I am in an Iva and I have received £5,000 from a works pension, added to this I have £2,000 in savings. Will this affect my IVA?

Foggy

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Post by Foggy » Fri Nov 29, 2019 1:45 pm
The savings should have been declared at the outset ( if you had them then) and the IP could have asked that they be paid over. The pension payout, also, is likely to be due to the IVA unless pensions and proceeds were excluded at the start.
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

Lisa Thomas

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Post by Lisa Thomas » Fri Nov 29, 2019 2:51 pm
When did the savings accrue - did you have them before the IVA started?

If so were these included in your IVA proposals?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Lisa Thomas

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Post by Lisa Thomas » Fri Nov 29, 2019 2:51 pm
...if not where have they come from?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Radish

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Post by Radish » Sat Nov 30, 2019 9:05 am
I take it pension lump sums are safe if taken 'after' the certificate for completion of the IVA is on your doormat?
IVA complete March 2014 after 6 years.

kallis3

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Post by kallis3 » Sat Nov 30, 2019 9:47 am
They are - I used redundancy pay to make a full and final which was accepted and kept my lump sum.
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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Radish

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Post by Radish » Sat Nov 30, 2019 12:43 pm
Everything else - maybe, but pensions are years in the making for our old age. My IVA did make sure I want making any AVC (added voluntary contributions) before I began my IVA, if I was I was to pay it to them instead :lol: :lol:
IVA complete March 2014 after 6 years.
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