Need IVA provider support - complicated case

miasuqu · 10 January at 11:18AM

Hi all

Thanks for all the helpful feedback

I was wondering if I walked away if there would be any impact on my private pension that I still have in the UK or my UK government pension

I´m guessing my shares will be safe as these are held by a US firm in dollars so my understanding it is outside the UK

thanks again

miasuqu · 10 January at 11:19AM

Hi all

Thanks for all the helpful feedback

I was wondering if I walked away if there would be any impact on my private pension that I still have in the UK or my UK government pension

I´m guessing my shares will be safe as these are held by a US firm in dollars so my understanding it is outside the UK

thanks again

RAS · 10 January at 12:31PM

No, basically.

This is why an IVA could be a bad idea for you.

You may be restricted in how much you could put into your pension fund during the IVA. They won't go for the funds but can effectively reduce your further savings.

They regard shares as fair play. They'd also regard your bonuses as fair play. Since you are remunerated with shares, you'd might be expected to transfer the sales to the IP, depending on the US situation. You would have to give up 50% of bonuses, above 10% of your normal pay.

miasuqu · 10 January at 4:02PM

RAS said:

No, basically.

This is why an IVA could be a bad idea for you.

You may be restricted in how much you could put into your pension fund during the IVA. They won't go for the funds but can effectively reduce your further savings.

They regard shares as fair play. They'd also regard your bonuses as fair play. Since you are remunerated with shares, you'd might be expected to transfer the sales to the IP, depending on the US situation. You would have to give up 50% of bonuses, above 10% of your normal pay.

Is the above all referring to if I go with the IVA?

If I walked away from the situation my pension (UK private and government) would be safe along with my shares that are in dollars (due to vest this year for selling) in a US investment platform

RAS · 10 January at 4:08PM

Referring to if you had signed up for the IVA, your assets would be more at risk, as explained.

You do understand that after 6 years, even if you've not paid a penny, the debts become unenforceable by law? Can't stop the creditors trying for a CCJ, but that's wholly defensible and can be overturned if you don't get the court papers. But CCJs are unusual.

Do you have an Amex account or one with a credit union?

miasuqu · 13 January at 9:40AM

RAS said:

Referring to if you had signed up for the IVA, your assets would be more at risk, as explained.

You do understand that after 6 years, even if you've not paid a penny, the debts become unenforceable by law? Can't stop the creditors trying for a CCJ, but that's wholly defensible and can be overturned if you don't get the court papers. But CCJs are unusual.

Do you have an Amex account or one with a credit union?

ok thanks - no Amex or credit union account

RAS · 13 January at 10:06AM

Good, Amex and credit unions are more likely to take legal action.

miasuqu · 14 January at 6:51PM

Help again please

I have emailed Payplan numerous times to ask them to withdraw my proposal as it has not been approved by creditors - they are ignoring me and I keep getting notifications that the creditors meeting is on Friday
I have been told the creditors were still saying no and that the meeting had been rescheduled and I replied saying I wish to withdraw and now they are completely ignoring all my emails - I feel like they are doing this deliberately to push this through

Not sure what else I need to do to get them to withdraw the proposal