IVA & Injury Compensation
Hi all,
I'm after some advice....
I was in a RTA earlier this year & am looking to receive some compensation for my injuries & ongoing treatment, I have told my IVA provider as I'm a honest person & wouldn't want any legal stuff coming from it if I didn't declare it.
Now none of my reward is for loss of earnings it's all for pain & suffering & from what I've read that is excluded from the "windfall" clause of an IVA. Is this correct? Also a financial advisor told me the same.
My IVA provider has informed me that I need to contact my IP which I have done via email as it is ultimately at their discretion but now they've told me it needs to go to their assets relisation team (I had to ask as I had no idea what it was!) and they would want a break down of the reward & what would be for what etc. Am I going to be told I need to give it all to them or only part? I had to borrow money to buy a car as mine was written off, ongoing physio & counselling due to severe anxiety caused by the accident regarding driving.
Please could someone help?! I feel lost....
I'm after some advice....
I was in a RTA earlier this year & am looking to receive some compensation for my injuries & ongoing treatment, I have told my IVA provider as I'm a honest person & wouldn't want any legal stuff coming from it if I didn't declare it.
Now none of my reward is for loss of earnings it's all for pain & suffering & from what I've read that is excluded from the "windfall" clause of an IVA. Is this correct? Also a financial advisor told me the same.
My IVA provider has informed me that I need to contact my IP which I have done via email as it is ultimately at their discretion but now they've told me it needs to go to their assets relisation team (I had to ask as I had no idea what it was!) and they would want a break down of the reward & what would be for what etc. Am I going to be told I need to give it all to them or only part? I had to borrow money to buy a car as mine was written off, ongoing physio & counselling due to severe anxiety caused by the accident regarding driving.
Please could someone help?! I feel lost....
0
Comments
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It will be up to your IP.
From experience I dont thing they will take it all, possibly 50% at a guess, but may be less, in the end it is up to them as you dont get many breaks with insolvency.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
So I've just been chatting online with my IVA provider & she has indeed confirmed that the pain & suffering part is exempt from the IVA but they will still need a break down statement of what will be coming to me.
So what do I do if my IP calls or emails me to say all needs to do in the IVA? Do I send across what they told me online as proof?0 -
If none of the award is for loss of earnings then the money, 100% of it, is yours to keep. Sending them the breakdown seems like more of a formality, don't forget that your I.P. works for creditors as well and is legally bound to declare such instances to them. Anything you have received online should be fine.
As an aside, if you wish, you can make an offer of some or all of your award as a full and final settlement of the IVA, though you are not legally bound to do so.0
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