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Posted: Tue Oct 07, 2014 9:20 am
by Kristyna.30
I have an IVA but will be receiving compensation for an accident since the IVA began .Do I have to declare this?
Posted: Tue Oct 07, 2014 9:42 am
by Adam Davies
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
Regards
Posted: Tue Oct 07, 2014 3:36 pm
by recovering
I was allowed to keep mine once it was confirmed the monies were for purely pain & suffering by my legal insurance company
Posted: Tue Oct 07, 2014 10:24 pm
by pollyann
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.
Posted: Wed Oct 08, 2014 5:04 am
by luluj
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 !
Posted: Wed Oct 08, 2014 8:00 am
by Foggy
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.
Posted: Wed Oct 08, 2014 8:43 am
by Adam Davies
Hi
Really it should be the same as bankruptcy, I would fight any decision that states that it must go into your IVA
Regards