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are pensions taken into account

In an IVA your creditors will NOT be able to access any monies that you have saved in a pension fund as this money is secure. You may have to suspend your pension payments for the duration of the IVA, thus freeing up some more money for your creditors. This may or may not be required and after a lengthy discussion on this forum site fairly recently, we came to the conclusion that it is, for want of a better phrase, a little "hit and miss" as to whether you will be allowed to continue to pay into a pension during your IVA.

If you have a pension income, this will have to go towards your IVA.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi PK

This depends on what you mean. If you are undertaking an IVA, then the actual pension fund itself that you already have saved can not be touched by the creditors. This would be the same if you declared bankruptcy.

However, if you are currently personally paying into a pension fund, either privately or through work, then your creditors may ask you to suspend further payments for the duration of your IVA. This money would then have to be paid to the creditors instead

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk