www.iva.co.uk

Hello all for those that may remember me.

If not then not to worry but my question is;

I am currently serving in the Army due to leave Sep this year after 22 years and been in an IVA for the past 3 years.

About 7 months ago I was involved in an accident at the time I were on duty and as a result I have been awarded some compensation for the injury, treatment and basically a settlement figure for any further injury/restrictions that it may cause.

I have not spoke with my supervisor yet but understand I will have to declare this, however will this be classed as a windfall and expected to pay 50% of my Compensation sum recieved?

I look forward to any responses/answers that you may bale to assist with.

Hi, I'm not sure of the answer but know that Melanie or another professional will be along shortly.

Hope you're ok ? x

Definately one for your IP but there are elements of compensation that may be kept,and other parts which can be classed as a windfall. If there is a windfall normally its taken entriely,not split 50/50 like overtime(check your paperwork to see).

Paul

As Paul says windfalls are taken in their entirety and not split 50/50. However, compensation is not necessarily a windfall and your IP will need to see details of the settlement.

Given that you are to leave the army in September you should urgently speak to your IP. You will receive an additional payout at this time which may well constitute a windfall unless expressly excluded from the proposal. Your future earning ability has obviously been affected as a result of the accident and you will need funds for resettlement and living expenses so the quicker this gets resolved the better.

The answer will lie in the terms of your individual voluntary arrangement. My firm's standard IVA proposals expressly exclude personal injury claims and resettlement monies when leaving HMF from being deemed to be windfalls, but your may not.

i have spoken with my ip they will not take the money off me but have suggested that i may make a full and final payment to the creditors to settle the iva if they are willing to accept

That seems like a sensible idea and would give you the chance to move on with your life after you leave the army. Hope it all goes well.