www.iva.co.uk

I'm filling out my BR petition forms, and at the back of my mind I have this niggling worry:

My Armed Forces pension comes in at £450/month net. It is included as an income in my I&E, which still didn't leave me enough to attempt a viable IVA proposal.

I have read that pensions need to be surrendered to the OR. That perhaps isn't the correct terminology, but I can't afford to give my pension up to pay into an IPA/IPO, if I couldn't manage to make ends meet for the IVA proposal.

I hope that makes sense.

Could someone please advise me of my options.

You do not have to give your pension to the OR although the income from it would need to be included on your I&E. If you do get an IPA/IPO it will be a percentage of your surplus income taking everything into account.

Does this make sense?

Thanks Michael, perfect sense and just as important, exactly what I needed to hear.

You will only get an IPA if you have £100 or more disposable income per month, and then as Michael says it's only a percentage, ranging from 50% to 70% depending on the amount of DI.

If you have a look at my blog there is a table that gives you an idea about how much you could expect to pay - it's not set in stone, but it'll give you an idea.

IPAs and IPOs are practically unheard of in Northern Ireland, so I would not worry too much about this!