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    • Bwfc15
    • By Bwfc15 12th Apr 18, 5:51 PM
    • 2Posts
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    • #1
    • 12th Apr 18, 5:51 PM
    bwfc15 12th Apr 18 at 5:51 PM
    hi all I recently set up a Iva last year round about June time, however, last week I was involved in a rta I am pursing a whip lash claim, however Iím a bit confused I have spoke to my iva company and they have said onnce it has been settled I need to provide them with a break down. As they will take a percentage the solicitors are options on a no win no fee if however I win I will be deducted 20% how much will the Iva let me keep I refused a sick note from doctor and said I will struggle through as canít afford time off. Also after the year we have had with family issues myself and other half was planing a holiday as it money we wouldnít of had. Can someone please help as I am now worried I will not see the benefit of my personal injury claim.
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    • sourcrates
    • By sourcrates 12th Apr 18, 7:15 PM
    • 16,445 Posts
    • 15,554 Thanks
    • #2
    • 12th Apr 18, 7:15 PM
    • #2
    • 12th Apr 18, 7:15 PM
    You wont see much of it, your IP will confirm what % they will take.

    Thats the trouble with insolvency, nothing is yours anymore.
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    • Bwfc15
    • By Bwfc15 12th Apr 18, 8:30 PM
    • 2 Posts
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    • #3
    • 12th Apr 18, 8:30 PM
    • #3
    • 12th Apr 18, 8:30 PM
    I thought the personal injury amount you was allowed to keep
    • DorisTrousers
    • By DorisTrousers 13th Apr 18, 10:32 AM
    • 532 Posts
    • 298 Thanks
    • #4
    • 13th Apr 18, 10:32 AM
    • #4
    • 13th Apr 18, 10:32 AM
    Ignore speculation, deal with facts. The rules are very simple, compensation for pain and suffering are yours to keep. Any compensation for loss of earnings goes to the IVA. If there is enough from pain and suffering, you could, if you wished, make an offer to settle but you will not be obliged to.

    It isn't a case of fair or unfair, logic dictates that even if you were not in an insolvency solution then you would almost certainly use some or all of the money to settle your debts, so there is absolutely no difference whatsoever.
    • PrettyKittyKat
    • By PrettyKittyKat 13th Apr 18, 8:15 PM
    • 1,016 Posts
    • 963 Thanks
    • #5
    • 13th Apr 18, 8:15 PM
    • #5
    • 13th Apr 18, 8:15 PM
    DorisTrousers is correct. Your IVA company is asking for a breakdown so that it is evidenced what proportion of the money is for pain and suffering, which you keep. If there is no breakdown then the IP will likely deal with it as a windfall/loss of earnings, which would need to be paid in.

    Although a holiday may sound enticing keeping some of the money as an emergency fund (car repairs, boiler breakdown, off sick from work etc) or depending on the amount possibly a f&f offer for your IVA could be a better longterm use for you- although of course this is totally up to you!
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