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ISA Approved

Good morning all
First post :beer:

Had a phone call from Debt Free Direct yesterday and myself and my partner have been approved for our IVA.

However my creditors have asked to see my T&C's for my government pension scheme (I work in the public sector)

They have said that if it wasn't a mandatory pension I would have to come out of it and the money from what would go in to my pension will go to them.

Can they do this?

Thanks for any help you throw my way!

Comments

  • Charco_2
    Charco_2 Posts: 1,677 Forumite
    Yes, unfortunately... but how can you be approved for the IVA if this has not been settled?
    Would you ask the wolves to look after the sheep?
    CCCS funded by banks
  • They said it would be one of my T&C's
  • Charco_2
    Charco_2 Posts: 1,677 Forumite
    Right, so they've agreed to the proposal you've put forward but want to put in a modification... which YOU need to agree to!

    Unfortunately there isn't much you can do... if your pension isn't mandatory then you'll have to put it on hold for five years, if it is mandatory then your creditors will have to whistle for it!

    It is fairly normal practice, your creditors want access to all the monies they can get to give them the best dividend possible... shame DFD didn't notice this earlier and warn you, you may have been able to split the difference and keep a few £ yourself. Lets hope your pension is mandatory!
    Would you ask the wolves to look after the sheep?
    CCCS funded by banks
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