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Posted: Sat May 03, 2014 7:07 pm
by Lisadtt65
Hi I am in an iva which started in February this year I have received a letter from an old works pension offering me a wuls payment to settle the plan as it is under 180000 and they are winding the plan up I have asked pay plan if I take the offer can I use the money to buy my husband a car as his contract states he has to have a car his car at the minute is 10 year old and isn't going to last the length of the iva I fear
Posted: Sat May 03, 2014 7:28 pm
by Foggy
Well, there are two ways Payplan can look at it:
1) Payplan agree to the car purchase. You accept the pension offer. The creditors get a nice bonus. Payplan get 15%. Or,
2) Payplan refuse the car purchase. You refuse the pension offer. The creditors get nothing. Payplan gets nothing.
There is a third possibility you can look at, if there is sufficient money to offer a full and final settlement, you could pay up the IVA. You would have to make it clear to Payplan that, if a F&F wasn't forthcoming you would not accept the pension offer and no monies would be available.