I am currently in the fourth year of an IVA and have made a F & F offer which is being heard later this month.
If accepted, how long will it be before any future windfalls (PPI claims ,inheritance,compensation claims etc.) will no longer have to be paid into my IVA fund?
Ppi claims may have to be paid over at any point as a part of the closure procedure appears to bd getting you to sign a deed of assignment.
I am not sure there's an industry standard but from reading on here, windfalls can be captured at any point until you receive your completion certificate. Overtime, salary increases etc are yours to keep once final payment has been paid.
Always best to check with your IP as appears to be varied amoung companies.
PPI and some forms of compensation payments are not windfalls, but assets and, if acquired (but not paid out) during the life of the IVA, are payable to the IP when paid out. Inheritances, lottery winsa nd the like are due to the IVA if arising before the completion certificate is issued ( even if paid out afterwards).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
There is an argument that a F&F means just that and subsequent windfalls are yours to keep. This was one of the main arguments in the PPI case but the IP argued that the PPI was an asset not a windfall and therefore belonged to the IVA.
