my partner is currently discussing an IVA through CCCS. He is at the point where the court proposal form has come with all the info for review, and from reading it , it seems fine. Having read other forums and this one Im concerned that an IVA might not be the best option and Bankruptcy would be an easier and more shorter route out of the mess he is in.
My main questions about going the Bankruptcy route is as he has a BT pension, mandatory paid at source from wages each month, would they seize this as an assett? he is 52 and wont take his pension at the earliest at 60
Also his only other assetts are a car worth £6750 but is paying a £11.276 credit agreement off on this car and 2 BT Sharesave Scheme which would be sold and any money realised put towards Bankruptcy.
Im aware he would have an IPO Order for 36 months but this is better than the 65 months of the IVA at £644 per month and the first 5 monthly payments to the Insolvencey Practitioner.
Are future pensions grabbed to settle Bankruptcy debts and would they make him stop paying into it?
A minefield I know~~just wondering what way to go forward
His debts are £56.000 mainly creidt cards and loans. Any input would be helpful
Plus I was going to move in with him in July would they take my Incapacity Benefit into acct as income, if I moved in with him he would have to subsidise me in some ways as i would probably lose my benefits in acquiring a partner.
Any help gratefully received. He lives in a council rented property