I agree with B of L, it will be classed as a windfall and subject to all of it being paid to your creditors, subject to whoever you claim it from releasing it or keeping it, if they are a creditor, and using it to repay a part of what you owe them.
It will either be kept by the creditor to offset against their debt,or be paid to your IVA.
Either way it means that your creditors will get a better dividend.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks all who have responded. The potential PPI is not from a creditor, if succesful. I have read my conditions and can not see any where windfalls are mentioned, bonus`s and salary increases yes. Whilst I fully understand my obligations to my creditors, it would help me do some urgent repairs / jobs I just cant afford to do including buying a much needed new car (obviously not new)
I would run this past your IP as a windfall is almost always included in an IVA. I can keep £500 and the rest goes to my creditors.
If you need money for repairs then you could ask your IP if you can retain some of this money.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would be very suprised to find that your IVA proposal did not contain a windfall provisiom. This has now been standard practice for a number of years.
