Bankruptcy and Pensions

donaldtrump_2

Hi to you all,

I'm a first time poster but long time reader on this forum and really appreciate all the advice that I've read over the months
.
I finally went bankrupt in Sep 2013 after burying my head in the sand for far to long and I have to admit that it was the best decision I've ever made, I can finally get to sleep at night now.

My question is pension related and is now starting to worry the hell out of me.:(

I'm currently a serving Firefighter of 27 years and due to retire in September 2016 with a reasonably decent pension of which, so I'm led to believe on things I've read, am safe to receive. :j

But my problem is my IPO hasn't yet started due to a few problems with the insolvency practitioners who are dealing with my case. So the 3 years from when it starts will be beyond the date when I retire.

As well as a monthly pension I will also receive a lump sum payment which I will obviously get before my IPO has finished.

Does anyone know whether I would have to forfeit that lump some payment towards my debts and inform the IP or am I safe with a large lump sum in my bank account?

Other than that do I just keep quiet and not tell anyone.

Thanks for reading to the end of this rather long post and anyone with any knowledge or advice of this situation would be very much appreciated.

Thanks.

National_Debtline

Hi donald

The receipt of the lump sum may occur prior to the end of your IPO period, but you are likely to have been discharged by then - usually after 12 months. Any assets you acquire after discharge are yours to keep, so there shouldn't be any issues here.

Regards

Dennis @NDL

donaldtrump_2

Thanks for that Dennis, does that only apply to pension lump sums as I've been reading on here about people who receive redundancy money and have to give it to the OR.

luvchocolate

you must inform the O.R..any pension you receive will be an income and will affect your ipa.....I am talking about the monthly payment not lump sums.
look on the insolvency service website there is a section on pensions

donaldtrump_2

Seems strange that they take into account your monthly pension but not a lump sum, even if it's a substantial amount.

luvchocolate

to be honest I have no experience of the lump sum...best to check the I.S website it will explain it all