www.iva.co.uk

I have had a iva for 2 years now, I am expecting a injury claim some point this year after having a RTA early 2019, even when I was off sick for 7 months I kept up with my payments, so my question is do I have to hand this over to my Iva company,

You need to speak to your IP but if it is for pain and suffering you may be ok.

On the face of it - Yes ! There is no specific mention of compensation in an IVA, but most IPs follow the guidance in Bankruptcy cases --- compensation specifically ascribed to pain and suffering is generally allowed to be retained. Only your own IP can tell you how they are likely to react.

I have gone through my contract to see what’s in the fine print about windfalls and I can’t see anything to relate to this, so once I have been given a offer I will make contact with my IP and see what the deal it, as I might not get my payout till the end of the year,
Thanks for the advice

Thu Jan 30, 2020 5:43 pmkatie584 wrote:

I have gone through my contract to see what’s in the fine print about windfalls and I can’t see anything to relate to this, so once I have been given a offer I will make contact with my IP and see what the deal it, as I might not get my payout till the end of the year,
Thanks for the advice

As I say, there is no specific mention. Basically the things they grab are earned extra income ( overtime, bonuses, etc), Unearned extra income ( insurance payouts, lottery wins, inheritances and the like) and after acquired assets ( If Great Aunt Maud gives you the Monet from the downstairs loo sort of thing).
Best of luck.

Hi, I was allowed to keep nearly £2k I was awarded as A pain and suffering payment BUT I Had a fantastic IP
Always worth asking