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andrea.66
Starting Member
1 Posts |
 Posted - 27 April 2010 : 16:48:00
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We have been in an iva for 4 years,with two years to go,me and my husband are now getting divorced,and want to go bankcrupt,but we dont know if my husband will lose his pension,which he has paid in for almost 30 years at work,and he is on 400
.00 a week and been told they could take some of his wages is that right,i am actually on a very low income,also the house is up for sale which isnt selling,there could be 10,000 plus in equity which we want to let go of to,but dont want to pay money out to start the petition,if he will lose pension,and also some of his wages can anyone clarifiy please
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 27 April 2010 : 17:00:09
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Hi Andrea and welcome to the forum.
Have you spoken to your IP about this? It seems a shame to fail your IVA after making so many payments.
I think you were advised on the IVA site to take legal advice if there is any doubt about your husband being able to keep his pension, and I agree with that advice.
If you have £100 or more disposable income you would be expected to pay into an Income Payment Agreement, which lasts for 36 months from the date of the first payment.
I would really recommend speaking to your IP before you make any further decisions.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
33 IPA payments made, 3 to go - the end is in sight! |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 27 April 2010 : 17:16:25
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Hi Andrea
Sorry to hear about your current circumstances, but I have to agree with Skippy on this one. After four years of an IVA it seems a shame to give it up and go bankrupt.
If you speak to your IP there may be a way of persuading your creditors to accept a variation to the IVA which will avoid bankruptcy.
The general rule is that rights to a pension are excluded from bankruptcy, but if your husband is in receipt of the pension it will be included in his income when the OR looks at an income payment agreement, and if he receives a lump sum prior to discharge it could, in some circumstances, also be claimed
As Skippy says, the best advice as far as the pension is concerned is to get advice before doing anything about the bankruptcy.
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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we have been in iva for 4 years
