Winnings & prize money

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MelanieGiles

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Post by MelanieGiles » Mon Jan 20, 2014 12:34 pm
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I think that most insolvency practitioners take a sensible commercial view on things like this. I doubt anyone is going to have an issue over a trip, which could not be exchanged for cash in any case.

However, anything won that is tangible, and of material value, could possibly be grabbed by the IP.
Regards, Melanie Giles, Insolvency Practitioner
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martjase

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Post by martjase » Tue Jan 21, 2014 4:46 pm
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Surprised nobody has asked this already, but what if you win say £500,000 and you only owe £20,000 for example.
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Kelly O

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Post by Kelly O » Tue Jan 21, 2014 5:01 pm
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You will only pay 100% of what you owe plus IP fees so you would pay £20,000 plus and fees due
Regards Kelly Osadare Debt Advice Manager at www.pjgrecovery.com (host to www.melaniegiles.com.)

PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
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MelanieGiles

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Post by MelanieGiles » Tue Jan 21, 2014 9:20 pm
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And possibly statutory interest if the terms of your IVA provide for this.
Regards, Melanie Giles, Insolvency Practitioner
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Radish

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Post by Radish » Wed Jan 22, 2014 9:29 pm
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If you could pay the full amount - plus fee's & interest you would be debt free a lot earlier. If it took £10k to do this and your won £20k you would surely have ten grand left over for yourself. Suppose it depends on how much you owe on your original debt and how much you actually win.
IVA complete March 2014 after 6 years.
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