IVA and damage compensation

holow666

Hello,


Any money received for "pain and suffering" is exempt from the IVA and cannot be claimed by the I.P. Conversely, any money for loss of earnings is an asset of the IVA and must be paid in (if it is over £500)
Is this true or not, does my company can have they own rules about that, or this is general guide for IVA practitioners?

thanks

Mermaid89

General - It's only loss of earnings they'll be interested in

PrettyKittyKat

It is general. However you need to be able to proof the breakdown of what the money is for so make sure you ask whoever is paying it you to provie a document confirming how much is for pain and suffering and how much is for loss of earnings. If you just get a payment and the document says it is 'compensation' or something like that then your IP may deem this a windfall.

I would call your IVA company and double check their requirements of how to evidence that it is pain and suffering.