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Posted: Mon Mar 16, 2015 8:18 am
by Nikdav2713
Hi, Im just about to start my IVA (first payment in April) and i was just looking for some advise. My Husband is currently going through a claim for a car accident, if he gets paid anything could i pay the money into my bank account, (everything gets paid into my account) or would this be classed as a Windfall, even though the IVA is just in my name but goes off both of our wages? Would i have to declare it to my IP?
Posted: Mon Mar 16, 2015 8:24 am
by lifenoteasy
Hi
Would seriously suggest that your husband gets his own account - if any compensation is all his the IVA cannot touch it.
Additionally a seperate account would make sense for the admin of the IVA going forward.
Posted: Mon Mar 16, 2015 9:33 am
by Adam Davies
Hi
As he is not in an IVA and the claim is just his any payment received will not be captured under your IVA
Regards
Posted: Mon Mar 16, 2015 9:50 am
by Shining
A Andy says if the IVA is wholly yours, his money is to do with what he chooses.
Posted: Mon Mar 16, 2015 10:13 am
by ashb
I am just finished and on Friday out of the blue got 7k - sent it straight to IP simples
Posted: Mon Mar 16, 2015 10:28 am
by Nikdav2713
So if the money gets put into my account, will i have to inform the IP or not as its my husbands?
Posted: Mon Mar 16, 2015 10:31 am
by Shining
Does your IP require bank accounts? Is it a joint account or just your account? My humble opinion would be for it to be paid directly into your husbands account.
Posted: Mon Mar 16, 2015 10:51 am
by Foggy
Some firms take more interest in household finances, rather than just those of the debtor -- this often results in the solvent family members paying towards the IVA.
Posted: Mon Mar 16, 2015 10:57 am
by Nikdav2713
The account is just in my name, not a joint account. The IVA is just in my name but has been worked out on the Household income. Think its best for him to pay it into a different account (if he gets anything)
Thanks for your advise
Posted: Mon Mar 16, 2015 11:00 am
by Shining
Always best to err on the side of caution to stop any complications when in an IVA.
Posted: Mon Mar 16, 2015 12:25 pm
by Steven1001
I didn't think compensation for an accident was classed as a windfall as the payment is for pain and suffering???
Plus if its not yours then it shouldn't be anything to do with the IVA anyway.
You could ask the IP just to makesure, you could use the money to offer a full and final if your partner would let you use it!!! I know mine wouldn't!!![}:)] Dependant on the agreement of course too.
Posted: Mon Mar 16, 2015 12:33 pm
by Foggy
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Steven1001
I didn't think compensation for an accident was classed as a windfall as the payment is for pain and suffering???
Plus if its not yours then it shouldn't be anything to do with the IVA anyway.
You could ask the IP just to makesure, you could use the money to offer a full and final if your partner would let you use it!!! I know mine wouldn't!!![}:)] Dependant on the agreement of course too.
This is often the case, as it always is in bankruptcy, but not all IP's think like that and they are free to use discretion to treat it the same as in BR or to go for blood !