www.iva.co.uk

Hi

I am due to speak to Citizen's Advice on Monday, but wanted to get a view on whether I could look into a quick IVA solution.

My unsecured debts are c£47k.

My assets are about £4k in cash, and 2 pension funds of c£16k apiece from previous employers.

I was recently made redundant and am currently on JSA, with little prospect of finding work in my previous field.

I understand the cash itself would not be enough to get an agreed IVA, but I wondered whether I would be able to offer either or both of the pension funds to facilitate this and avoid the need for bankruptcy.

Hi and welcome! A one-off iva sounds very promising. One of our experts will be able to advise on what would be a good offer.

Have you considered another line of work? This could be your opportunity for a new start.

I'd give one or two professionals a ring to discuss this.

Visit www.iva.com for a list of companies and reviews. The advice is free and impartial.

OK, thanks. Looking at going back to University in Sept to retrain in something entirely new.

Neil

Sounds like a great idea.

Are you of an age where you could draw down on the pensions?

no, I am 38. I had wondered whether an IP would be able to access the funds in order to facilitate a settlement.

Sadly not - but that is for your own protection as you will need something to retire on, and for us baby boomers the state pension cannot be relied upon.

It might be worth having a word with an IFA to see if anything could be done with the pensions, but I would think this is unlikely given your age and the fact that they are former occupational schemes.

They may well be frozen until you retire.

OK, thanks for looking at this for me. Hopefully I will be able to find an alternative solution somehow.

Neil

I hope you get something sorted. Is there any particular reason why you don't want to look at bankruptcy?

A small proportion of my debt (about 5%) was accumulated through gambling websites when I was suffering with depression. This was over a relatively short period, but I understand this could lead to a BRO being put in place over a significant length of time. Nonetheless it may well be the best solution for me anyway.

Have a word with an expert, they will be able to advise you especially as the gambling has now ceased.

Hi
I doubt very much if you would be suject of a BRO for the gambling.
Could you raise a loan from friends or family, say 7k, and with your cash offer a full and final settlement ?
Regards

Unfortunately getting a loan is highly unlikely. Do you think 4k upfront and 7k over 5 years would be enough instead, or is that a question for the creditors?

If I went bankrupt I would hope to be discharged after the 12 months, but I will need to understand the situation better on Monday.

Thanks, Neil