Hi,I entered into an IVA in April 2008, in the same year i left my employment because of ill health (Disability as a result of an assault ot work, currently assessed as 20% disabled and also a stroke).My IVA is about to fail and my only option is bankruptcy. My only income is; £735.00 per month £120.00 per month Industrial injuries disablement benefit I am single, living in rented accommodation and have no other assets other than my car which i need as i have mobility problems (value £2500 ) My question, is my occupational pension and benefit classed as income.I have looked at the Welfare reform and Pensions Act 1999 and the effects of a pension on Bankruptcy but am still uncertain with regard to my position.
Firstly welcome to the forum I am not sure how the pension income will be viewed but with such little income will your expenditure not come close or exceed this income in which case you will not be eligible for an IPA.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
pension receipts during bankruptcy are included as income as are most benefits with the exception of DLA and child allowance.
That said if after taking into account allowable expenditure your monthly disposable income is less than £100 you would not be required to contribute to an IPA. The car could be an issue as you are not working. I understand your disability may in practice necessitate a car but it may be that the OR would take the same view as DWP.
By this I mean if you do not qualify for a vehicle via Motability the OR could take the same stance in that the degree of your disability is insufficient for you to keep the car.
Unfortunately many areas of bankruptcy are far from cut and dried and the luck of the draw in the OR that deals with your particular case does come into play. No doubt this will not appease your concerns and all may well turn out ok but to predict the outcome, I'm sorry to say, is impractical.
is my occupational pension and benefit classed as income
Posted - 03 May 2009 : 08:36:01
