www.iva.co.uk

problems with an IVA. My husband has accepted voluntary early release from his job. I was told if I paid what we owed the creditors £17,800 that it would be finished. Kingsgate advisor has said they had put this in writing over 4 weeks ago which has not arrived. Can they take the full amount that my husband will be paid 41,000 before tax and 13,000 per annum Pension ?

The maximum you could pay is 100p dividend plus fees and stat interest if applicable x

They won't touch your annual pension though as this is to fund you once he has retired.

Heather....is the IVA in your name, his or both?

Arty

Is the £17,800 the total debt or the total contributions due to the IVA? This makes a huge difference as the payoff is potentially a windfall. It would make more sense to call a variation before retirement and get creditor approval for a set amount.

Jan,
they take my hubby's pension into account and we have it written into our report that once he is entitled to state pension our payment will be adjusted so they do take pensions into account.
I can only assume it is because I am working that they do that as his money does not have to keep me.

They can only take enough to cover your outstanding debt and possibly statutory interest. Is the £17k your remaining contributions or the total debt remaining?

They'll take pension into account but that's all. I meant that it wouldn't be taken from him. My hubby is on state pension now and our income has dropped and will drop again in April when his tax code drops. Dreading that.

You'll get through it Jan...these things have a way of working themselves out. And you've got about a million friends behind you LOL!

In my experience creditors are being very generous about using people's retirement packages to settle IVAs. I managed to get a client offering a full and final settlement today to retain £30k of a £70k package - if you present it for the right reasons you will get results.

BOL - I do hope so!!! Thanks for the support as well, it's appreciated.