Hi everyone this is my first post on here. I have been looking around in the background and well needed some advice really. So I hope anyone can help me.
I have been in my IVA now for a few months with DebtMatters and basically today I got a surprise in the post. A letter from a car insurance company I was with a few years back, the letter basically told how a claim I had made almost over 1 year ago was finally assessed and offered me £5000 compensation.. obviously, now in this IVA I have to declear this, even though I thought the case was dropped after 5 months of no word from this company, my problem is though, I promised this money to my girlfriend as she is the one who got a loan out to pay for the car I had at the time, and well I wrote this off in a crash and left her with the loan.. I'm kind of in a catch 22, because I don't want to just take the money and give it to her, because I'm worried I can be traced and also, I don't want her to be out of pocket because of this and as the money is finally coming though I feel bad saying she can't have none.
Does anybody have any information of what I can do?
Hey Steve, welcome to the forum. I think that your girlfriend should have been included as a creditor in your IVA but please wait for a technical expert to advise you about the compensation.
Hey Viki, many thanks for the fast responce.. I was totally unaware of that, I didnt realise I may of had to of added my girlfriend as a creditor? I mean, the loan is in her name and I just paid her the money back towards that, we don't live together and the loan was taken out nearly 3 years ago now.
Thanks again.. I hope someone can clear this up.
No thats fine Viki, I do appreciate any help that any one can pass my way.
I got work in half hour so I hope I can get a reply before I leave.. dreaded night shifts, Haha.. x
Ooh ok, I'll have a go then. I think that as the compensation isn't for personal injury then you will probably have to hand most of it over. I'm sure your girlfriend should have been a creditor in your IVA, I have a similar thing myself with my Dad, so I would think that you couldn't pay her. I am not a technical expert so hopefully someone can answer this for you before you go to work. Good luck. X
I think that I've read on here that yes, it does make a difference. Please hang on for a professional as this is not something I am familiar with and would hate to give you rubbish advice. X
The only problem with your G?F being added as a creditor would mean she was only entitled to her share of the windfall(worked as a percentage of the debt owed to her).
Its a bit of a minefield proving that she took the loan out for you etc etc.
I am afraid realistically that you will be handing over the whole lot to your IP.
Sorry,thats probably not the news you wanted.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Sounds like a lot of hassle really.. Would there be any way around it? Say if I got the money paid directly to my girlfriend from my insurance company? Would that be possible? Or is there some way it could be traced back to me? Do your IP's research any of this to see if anyone has come into money? I no it sounds like a right cheeky question.. But it is more curiosity then anything..
If it is being paid to you, it would show on your bank statement and then be questioned by your IP.
IP's rely on client honesty with things like this and im afraid that unless the money will be used to compensate for loss of office then it will be treated as a windfall and you will be expected to hand it over for the benefit of your creditors.
Many thanks for all this advice, It seems like them pretty pounds will be winging its way to my creditors haha, can't say i'm too gutted about it, end of the day.. this is my second chance!
Cheers everybody
Sorry - I did not see this post last night. Was it on another forum?
This money is your money as it is your claim and not your girlfriend's. She has no more right to the money than the rest of your creditors I am afraid - but you will need to check with your IP to determine whether it is a windfall or not. Ask the IP to quote you the authority he/she is relying on with regard to the claim. If the money falls outside the IVA then you are free to do with it as you will - but as other posters have mentioned your girlfriend should have been listed as a creditor in your IVA. Did you tell your IP about her claim?
x
