I've recently made my final payment, after 6 years. Before this I received compensation from fscs because of ill advice, I lost my entire pension pot from my SIPP. My IP is saying that I have to pay £15000, my original debt was £19000 of which I've paid £14000. Is this right and fair paying nearly £10000 over my debt help please
You could consider legal advice on this. Pensions are usually exempt and if the compensation was paid to restore your pension they you could argue it is exempt. Ask the IP to call a variation to exclude the windfall or see if the FSCS can pay the money directly back into your pension. It is certainly worth a try.
On a five year IVA, to completely clear everything (debt, fees and statutory interest, on a debt of £19,000, you would need to pay in something in the region of £28 - 29k. So yes, up to that amount is fair game.
Is your IP saying he wants the compensation payment ? I assume all other payments are accounted for and up to date.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
