www.iva.co.uk

Hi I have the option of a winding up lump sum from an old company pension now have been told off pay plan that it would all have to go into the iva I have sent numerous emails asking can we not get a car for my husband with the cash as he has to have a car to do his job I have had no response ignorant to say the least whats the worst that could happen if I took the cash and bought a car with it.

Pensions are normally excluded from IVAs and drawing one down early would affect your income in retirement. However what you are considering seems reasonable and I would have thought a variation to allow you to do this would be accepted by creditors since they will not get the money anyway. You should speak directly to your IP as this does not seem to make any sense at all.