Do I have to declare compensation for an accident since the IVA began ?

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Kristyna.30

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Post by Kristyna.30 » Tue Oct 07, 2014 9:20 am
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I have an IVA but will be receiving compensation for an accident since the IVA began .Do I have to declare this?
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Adam Davies

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Post by Adam Davies » Tue Oct 07, 2014 9:42 am
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Hi and welcome

Yes do inform your Insolvency Practitioner but if the award is for injury etc you may be able to retain it all

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Andam Davies
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recovering

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Post by recovering » Tue Oct 07, 2014 3:36 pm
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I was allowed to keep mine once it was confirmed the monies were for purely pain & suffering by my legal insurance company
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pollyann

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Post by pollyann » Tue Oct 07, 2014 10:24 pm
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i have just been informed today that i have to pay all of mine over as its classed as a windfall, and mine was for pain and suffering but that it seems does not matter now.
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luluj

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Post by luluj » Wed Oct 08, 2014 5:04 am
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I would challenge this decision with your IP direct. If for pain and suffering as Andy says you may be entitled yo retain some or all if it.... certainly worth a second stab at it !
Sharing from experiences of dealing with debt

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Foggy

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Post by Foggy » Wed Oct 08, 2014 8:00 am
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Compensation for pain and suffering is allowed to be retained under bankruptcy and many IP's follow this lead and allow the same in an IVA. However, this is purely down to the discretion ( and humanity) of the IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Adam Davies

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Post by Adam Davies » Wed Oct 08, 2014 8:43 am
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Hi

Really it should be the same as bankruptcy, I would fight any decision that states that it must go into your IVA

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Andam Davies
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