www.iva.co.uk

Hi i started my IVA in June 2020 a number of years ago i opted out of my pension and took out a SERPS I found out about 3 years ago it had been mis sold and all my pension was gone the company had gone into liquidation, I only found this out when I had a call from another company asking if I would look into the matter for me to cut a long story short it went to the FSCF and it is now reaching a conclusion it’s a no win no fee so I may not get anything I have spoken to my IP to ask if they will have an interest in it all they will say is they can’t tell me until they know exactly how much I will receive and how much compensation I will receive I understand I must pay my debts but this was a pension for my retirement and had this not have happened I would not have cashed it in because that will leave me no money to live on in my retirement, if I get the full amount I have lost and compensation it could be more than my original debt I have asked would they be prepared to ask my creditors that whatever I receive would they ask if this could be used as a full and final offer , if I receive more than my original debt could they take it all they say it’s classed as a windfall as I said if it had not been miss sold in the first place there was no way I would have cashed it in , or maybe thought about cashing some of it in for a full and final offer are my creditors allowed to take the full amount because if they did I would not be able to pay my IVA when I retire as they will have already taken my pension, if it’s less than my original debt can they still take it all and still make me pay the same amount for another 5 years as my original debt will be reduced , I’m really stuck and would be most grateful for some advice many thanks Steve

It will depend on the amounts involved and the actual basis for any compensation paid out. It could be that you are ordered by the courts or paying body that the compensation has to be re-invested in a pension pot --- this might even be done on your behalf --- in which case there it will remain until your pension is payable.

If they give you a cash lump sum creditors might be open to negotiation as to the the fate of the money. All I can suggest ids that you keep lines of communication open and, above all, at this stage, friendly --- a helpful IP is worth far more than one who has swallowed a wasp nest !