Will I lose my Pension ??

InDeepPoo

Can anyone tell me would I lose my Pension (Ex-Serviceman so I have a Service pension) if I went for an IVA or Bankruptcy.
The House is in Negative Equity but guess I would automatically lose the house?
Thanks in advance for any info you have.;)

peachyprice

As long as it's a government approved pension, which it's likely to be as it's a Services pension it will be safe, you will not lose it.

If you house is in negative equity it's highly unlikely you will lose it

Charco_2

You wont necessarily lose your house if you dont want to. In an IVA or Bankruptcy you have to work out what you can afford to contribute from your income AFTER you've paid your essential living costs... whether you're paying a Mortgage or a Landlord doesn't matter coz you do need to pay for somewhere to live.
I'd need to know a bit more about the pension but can't imagine it would be affected!? Here goes though
1. If you are collecting it now then the income you receive from it would be included in calculating your payments towards whichever debt solution you go for.
2. If you are currently paying into a pension then you would be allowed to continue these payments provided they were reasonable... some creditors might insist that your payments are reduced to the minimum you can pay towards the pension.
3. If you are going to collect your pension in the next few years but are looking to go into an IVA or BR now then defer the pension to start only AFTER your solution would have ended... any lump sum or payments you receive during the IVA or BR would have to be taken into the solution.

I hope this is of help to you!

Sorry, last thing, you would not lose your pension just for having been in an IVA or BR, but depending on when you collect it (if you're not already) you would have to bring it into any proposals

InDeepPoo

Many thanks for both the replies, just in case it help to give me some more info, I am already getting my "service pension" paid and have been for a few years. I now workas a civil servant and will get aother pension when I stop work in about 7 years time...hope that helps, Thanks Again to you both for the help so far.