I'm with Payplan and have the windfall clause in my IVA,now I'm finally having to give in an retire from work,I nearly had to do it before in late 2009 but managed to get moved indoors but now even that is making my health suffer.
Anyway I have paid 34 payments and have 24 `normal payments to make(Around £6500)also I have the Equity release but we are probably in negative or very little so would be expected to make another 12 payments which is another £3000....I'm hoping to get around 13K ill health payoff and was thinking of offering the FULL £9500 payments due to conclude my IVA, but I read on another forum that Payplan are terrible if you've recieved a windfall and would expect me to hand over the full 13k.
Am I not allowed to keep any of my ill health retirement money at all,afterall I still have to live off the money left until I can hopefully try and gain employment again.
Hiya, usually the money would be classed as a windfall and have to be handed over but under the circumstances, the fact that you are having to retire means you probably couldnt continue with the IVA SO your creditors may well accept the money as a full and final settlement.
I would deffinitely put this to your IP.
Creditors recieving their money early HAS to be better than a failed IVA.
Hi
I agree with Lisa in that you should be allowed to keep some funds and as it is pension related I am fairly sure that they can't insist on all of it so your offer will more than likely be accepted
Regards
I'm sure they would look favourably on any offer if you are in poor health. I would make sure you are keeping a bit back as a contingency as you would need a bit of a buffer while you adapt to retirement (I am trying at the moment for ill health retirement at 46 and it is a frightening time). Good luck
I don't think it is that Payplan are terrible. All IVAs have the windfall clause and all IPs need to run their IVAs in line with the agreed terms. So all firms would act in the same way.
But I do think you have grounds to ask to retain some as you won't have any other income.
It may well be best to get creditor agreement on a full & final offer before you become entitled to the payout. That way if they want it all, you still have the option of staying in your job until you find something more suitable.
I have to agree with the post above, call your case officer and ask them to put the question to your IP. If you would like me to give them a nudge then let me know.
Now managed by Jane Clack - Payplan Company Representative
Fingers crossed that you get a good result Anglepark
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 are retiring that's one thing but you say in your post that you will be looking for other employment which is another matter entirely. Could you clarify the situation so we can give the best advice please.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi - is the money your pension pot or a payoff? If it is your pension, it may have been specifically excluded at the start. If it is a payoff, it will be treated as a windfall but yu may be allowed to retain up to 6 months net salary while you look for work and continue paying the iva as normal. As I said, try to get creditor agreement on accepting a set amount before you decide to take retirement. That way you can bargain with them in so far as if they don't accept your offer you won't retire. xx
Not much chance of NOT retiring as my employer has made it pretty obvious that they want shut of me,staying on is not an option according to the wonderful Atossers(Atos)Occupational health lot.
The payment is a lump sum for ill health retirement and the reduced pension side is deferred till retirement age.
We own our own house which is one of the reasons we chose an IVA in the first place,if I was just renting I would have gone bankrupt ages ago.
I'm only in my mid 40's so the option of a life of Riley, going on cruises and drinking Port in my smoking jacket are still just a pipe dream away,so will need to find some other job pretty soon.
Hi Anglepark,
Is the payoff actually being classed as enforced redundancy? if so surely you could genuinely claim that you are going be out of work with no means of income and the monies received are actually redundancy pay and not a windfall.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Put the offer forward now because you do not actually have the funds yet and creditors are being offered something that they were not getting in the first place. However, get your property valued and only offer what realisable equity there is in addition to the monthly payments. Do not pay £3,000 for non existant equity.
