Childs savings

[jman]

I am currently in a IVA and have been for approx 36 months with no real problems. My children are going to receive some money from family as savings to prepare them for there future. Can the IVA touch this or are my childs savings safe. Also i am considering a compensation claim for a injury sustained at work. The injury occurred before the IVA and the money would mainly be for future loss of earnings between 2012 and 2022. Basically my carrer is being brought to a premature end in 2012 due to this injury which will disadvantage me in the open labour market. My IVA is due to end in 2010. Any advice on this would be much appreciated.

[MelanieGiles]

Your childrens savings are completely safe from your IVA and should be invested in separate accounts in their names, with you as Trustee.

How can you determine that your employment will come to an end in four years time?

[jman]

Hi yes sorry im currently in the aremed forces and my engagement will end dec 2012 as i am currently medically downgraded this will not be extended.
Great site for info wish i had found it earlier.

[MelanieGiles]

Ah - now makes sense. I'm ex Forces myself and have seen several people in the same situation as you.

There should be no time limit on when you make your claim - are you going through the British Legion? - and personal injury claims are usually (but not always) exempt from IVA procedures.

Presumably, you have to be confirmed fit or otherwise before you sign off - and assuming that your downgrade stands then this will be the time to claim - as you presumably could not claim before that time in any case. As this is outside the timeline of the IVA, you should have nothing to worry about.