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T O P I C R E V I E W
jim_h
Posted - 22 January 2010 : 00:04:37 can anybody confirm that anyone contributing to a works pension or one that you dont contribute is not allowed a dro as this could rule out most people in work and does it olso apply to stakeholder pensions
2 L A T E S T R E P L I E S (Newest First)
Melanie.n
Posted - 22 January 2010 : 09:02:40 Sorry Jim_h a pension is a pension as far as the DRo is concerned whether you are contributing personally or a works based scheme - it is classed as an asset and as such an individual with any pension provision cannot apply for a DRO
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
gettingoutofdebt
Posted - 22 January 2010 : 06:42:06 Yes, a works pension is classed as an asset so you won't be able to apply for a DRO.
Sorry, the qualifying categories for a DRO are very strict, if like you there is an employment based pension an individual is not allowed to apply for a DRO as it is classed as an asset - the same goes for a property with for example £50,000 worth of negative equity it is still classed as an asset. Many people want to go down the DRO route only to find that they have to opt for bankruptcy, the disposible figure of £50 is often somewhere where the DRO option diappears, as if the disposable income is over £50 they cannot apply for a DRO...
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
