will my pension be taken from me ?

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paulinec

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Post by paulinec » Mon Jul 21, 2008 11:34 am
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I have credit card dept and an unsecured loan over the value of £15000. I understand taking out an IVA would make me dept free in 5 years. However I am due to retire in 4 1/2 years and will have a pension lump sum of between £20,000 and £25,000. If I take out an IVA will be pension be taken from me as I need some of this to settle a secured loan on the house. Also likewise if I sold my house in this time would this be taken into consideration.
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kallis3

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Post by kallis3 » Mon Jul 21, 2008 11:50 am
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Hi Pauline and welcome to the forum.

Not sure about your pension, I have a final salary one myself,but won't get it until after my IVA has finished.

One of the experts will advise you shortly.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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chris.g

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Post by chris.g » Mon Jul 21, 2008 11:59 am
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Hiya and welcome. With regards to your house, there would propably be an equity release clause written into your IVA so if you sold the house you would need to pay into the IVA, if not you may have apply for secured lending to raise the equity amount.
Really not sure about your pension, I would imaging though that this may be required to fall into the IVA, even if it was to offer a F&F.
One of the experts will be along soon to let you know for defo,
It's nice to be back......
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MelanieGiles

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Post by MelanieGiles » Mon Jul 21, 2008 7:52 pm
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Hi there - more information would be needed to be able to advise you properly on this matter - especially if you are due to retire shortly. There are ways that your pension money could be protected, but only with the absolute agreement of your creditors.
Regards, Melanie Giles, Insolvency Practitioner
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