I RANG AND INFORMED OUR INSOLVENCY AGENT,TWICE THAT I HAD A SMALL PENSION LUMP SUM, AND THEY DID'NT INFORM ME THAT I HAD TO PAY IT TO THEM, NOW THEY HAVE INFORMED ME THAT THEY ARE GOING TO SEND ME A BREACH DEFAULT NOTICE. WE ARE IN OUR LAST YEAR OF THE PLAN AND HAVE NEVER DEFAULTED OR MISSED A PAYMENT, CAN YOU GIVE ME ANY ADVICE. I WAS'NT AWARE THAT A PENSION WAS CLASSED AS A WINDFALL.
Pensions are often excluded from an arrangement, so check your paperwork. If not excluded it will be expected to be paid into the IVA. If it is a modest amount propose to your IP that you make up the amount by adding extra payments on the end of the term. Make it clear that you informed them twice of it's existence and was not told it should be paid in --- part of this error rests on their shoulders.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I cant find nothing in my iva for pension funds. all I find is assets or windfalls where do I look I don't want to tell my iva as my last payment was nov 28 I got pension check on nov 29 still awaiting for comp cert help
Whilst waiting for your certificate you are still required to fulfill the terms of your iva - have a talk with your IP and seek a resolution ... suggest additional payments if you no longer have the funds to put into your iva pot.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
In my paperwork this is mentioned in the preamble, where it states my situation and forms part of my list of assets. It just says I own a car, gives it's details and states I propose to exclude this from the arrangement. Then it details my pension scheme and states that I propose to exclude my pension fund and proceeds from the arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
i have looked at some paper work and it reads
assets,
a statement of my affairs and estimate values is in appendix a
assets specifically pledged,
my home
assets not specifically pledge
Octavia
excluded assets
as my domestic assets are of modest value and would be exempt in a bankruptcy, propose they be excluded from the iva.
motor vehicle
I own a Octavia value £2500 which I use for to and from work.
does this mean my pension fund which I received is safe or do I have to hand it in
windfall/asset/inheritance
should the debtor receive or become entitled to any windfall or inheritance payment with the value of £500 during the course of the arrangement which would be deemed after acquired assets within section 307it must be paid or transferred to the supervisor . the max the debtor is to pay 100p in the £.
nothing I can see states about my pension any help plz
