Hi Lily, You seem to have the same thoughts I do about the pre paid cards, but then if I was to open another account and put the money in there then I would assume that my IP would like to know the details of that also, catch 22 really. I do feel that if the money was to be awarded to me then they shouldn't be able to look at it and see it as extra income or something like that, but then I don't really no what they would do.. Any one out there who can possibly answer that one for me? Otherwise I will invest in a safe and stick it all in there haha.. Many thanks everyone.. You always have the right answers
If the money is not caught by the IVA they cannot argue, say next year, that you no longer have a personal injuries claim but a simple cash balance. Just make sure that you retain evidence of how you dealt with the money, so you can always track it back to the compensation. This will be particularly important for example if your IVA fails and you go bankrupt as a result as you may have to convince the OR that he's not entitled to the money.
Also, to be totally pedantic, bear in mind that any interest you receive will technically be income, and if your IP is stingy he might want the interest taken into account in your I&E!
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
Really? Interest is classed as income! That seems a bit OTT to me, but then, what can you do.. Thanks for the info Ian, I have just spoken to the Motor Insurers' Bureau and they have told me that the money was souly for personal injury and nothing more (after I was requested to as for confirmation, even thought the letter states 'Based on Medical evidence') Just waiting to hear back now.. They already told me that loss of earnings will be taken and personal injury is mine. so that should be that.. I hope!!!!
I did say I was being pedantic[:)] However, it is correct to say that interest is income so if you were receiving a significant amount on the money then technically it does form part of your income.
When you say "they" have already told you, I assume you mean your IP firm? If so, things are looking good, it would seem.
Ian
Last edited by ianmillington on Mon Sep 08, 2008 10:28 am, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
Haha, Yeah, I can understand that I guess it makes sense, Looks like an under the floor boards job..
Yeah I did speak to the manager of my IP, and she informed me that she had dealt with a similar case and the outcome was that loss of earnings was the part of the compensation they would take and that personal injury would be awarded to me, just waiting for the outcome now, as she has passed my information over to my supervisor to come to a decision, got my fingers crossed..
