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| The independent answer to your debt problems | login join |
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dellboy
| 05-06-2007 04:58 PM |
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Joined: 05 Jun 2007 Posts: 3 | I am considering all my options just now. I reckon I can't afford to meet the payments of an IVA, my initial meeting with my IP was not good. I understand what I'll lose if I go bankrupt but what was not covered was my pension. Will I lose my pension. I hope not as it was the only good piece of financial planning I did. Hope you can help. |
| DW George | 05-06-2007 10:17 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Dellboy Good to hear from you. I'm glad that you are considering all your options as bankruptcy is not an easy step to take. Some of our forum members will testify to this. However, if you should go bankrupt don't worry about your pension fund, it's highly unlikely the courts will touch your pension fund. Although you may be required to suspend payments into the fund for the duration of the bankruptcy. You're right about your pension being a good piece of financial planning. Many people forget about their later years. Hope this helps George |
| James H | 12-06-2007 10:24 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | Delboy Stop worrying, I have come accross this situation dozensof times and your pension will be safe. If your IP requests a contribution from your pension, simply refuse. Agree to defer your contributions if necessary but do not volunteer unless you have to. |
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dellboy
| 13-06-2007 02:28 PM |
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Joined: 05 Jun 2007 Posts: 3 | Thanks for your help. I am relieved that the only piece of financial planning I did will not be effected due to my bad financial planning. |
