the below extract may be of assistance to you;
The classification of a windfall
In general a windfall will be an amount of money or an asset that you receive that you do not need to live off of and that could be used to help pay your IVA. Examples include an inheritance or a lottery win or perhaps bank charges refunds or some compensation. You may also find that some will class a work bonus as a windfall depending on the amount.
A windfall will not normally include any overtime that you may have completed at work, a redundancy, or certain forms of compensation.
You may wonder why a redundancy would not be included and this is because the money is deemed to be required for living whilst you apply for other work. Compensation payments for personal injury and for loss of future earnings will also generally be excluded as well.
While there are general guidelines, your proposal seems pretty clear if your interpretation is correct. The only person who can advise on your proposal is your IP.
Lots of people have posted recently that they find their IP scary.
No need to - they are doing you a service and it's just like any other business dealings you may have. Don't let them frighten you - they're only human!
I hope that none of my clients think of me as scary!! I would be mortified if this were the case. We are all human beings at the end of the day, so don't be scared and make that call.
I feel sorry for people who are too scared to contact their IP, and this is why choosing an IP is such an important decision. You are going to have a working relationship with that person for 5 or 6 years and it's essential that you feel comfortable with them.
All of the experts who post on here are very approachable and I'd be happy to contact any of them.
Skippy is right - it's shows you need to do a bit of homework before starting out on the IVA route. After managing to discuss debt and still laugh when speaking to Mike Peoples I knew that it would be the right company for me.
We never spoke to our IP in the 9 months we were in the IVA, never needed to with the super team he had, but I would have made sure I did speak direct to him if I had needed to.
I only had to speak to my IP at the end of My IVA last year.
I got fed up of calling the call center being promised that the issue would be raised with My IP and they would be in contact with me.
My Ip did not respond to me until I emailed them directly.
By emailing the IP I got an answer to my question and action was taken to complete my IVA.
Call center always sent me an email saying that they could not complete my IVA due to VAT issues and that they had no idea when this Issue would be resolved. 5 months after my final payment My IVA completed. 2 Weeks after contacting My IP.
We hadn't found this forum before starting down the IVA path but if we had, I know which IP I would have chosen and I would never have been scared of her!!
I do think the painstaking footwork at the beginning is an absoloute necessity. It really does have to be done. Make sure you are comfortable with your IP and try and ring them are they contactable?:
Mine goes above and beyond with email communication.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
