www.iva.co.uk

Hi, I'm due to retire a year in december and want to make an offer of a full and final payment....would it be best to offer it after i retire and what is the process please

Hi,

Where is the money coming from for the F&F? You should offer as close to the original dividend as possible.

It's up to you when you make the offer but hopefully one of the experts will be along to advise.

Hi Crazyjoe I think from your previous posts you had already agreed in your IVa that a lump sum from your pension would be put forward to the IVA funds. Speak to your IP to discuss their own procedure for this but do also take independant financial advice as Melanie advised before, to make sure you are doing the right thing by your pension as well.

Let us know how you get on.

thanks for that....i think the main question is when would i offer it as i would want to supply the funds just after i retire...in other words how long does it take on average to get a meeting of creditors together to make the decision etc ??

If you are adament about using your retirement funds to settle the IVA - we have previously advised you to take independent advice on this - then I would make the offer before you draw down the monies. If the offer is rejected you will not have lost anything, but one the monies are drawn they cannot be repaid.

If you highlight this wish to your IP now, they will be able to discuss a sensible timescale with you - it doesn't really matter if it is done before or after retirement if you are definataly going to give up work.

i have no choice about retiring as i have to pay part of the lump sum into the iva prior to the iva finishing ! i still haven't made up my mind as to whether i will pay it off or not yet....just would be good to get it out of the way so to speak...but thanks anyway !!

Was it an express requirement of your IVA that you contribute a lump sum from your pension pot? That would be very unusual.

i offered it....so i could protect the rest

Hi Crazyjoe90
I appreciate you want the IVA over with but please bear in mind your pension pot may have to last you a very long time. As Melanie says seek independent advise before using it. Once it's gone it's gone. Most of us are too old to make it up again.
Consider all the options before you make any decsions. Once over 50 never give up pension unless you absolutely have to.

Thanks to you all....as ever sound advice !!!