I am within 10 months of receiving an occupational pension which will provide a £50,000 lump sum. I have lost my job and have over £40,000 of debts. Will my future lump sum payment be protected if i am declared bankrupt now?
There are other options such as a lump sum full and final IVA or even negotiating with the creditors yourself depending on your circumstances and assets. It could then mean that you could retain some of the money for your ongoing living costs.
I suggest you speak to an expert and chat everything through.
choice you either use all of the money to clear your debts or you get someone to neogitiate on your behalf, the better negotiator they are and the debt is settled the more you have left over
as Viki states it may be appropriate to arrange a full and final IVA, gather some advice before you do anything.
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.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side.
Will my future lump sum be protected if I declare BR now ?
Posted - 21 October 2011 : 19:28:52
