I have received compensation for a serious crash prior to IVA. Now wondering about F&F offer.

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kaza100

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Post by kaza100 » Wed Oct 08, 2014 1:50 am
hi,i was involved in a serious car crash prior to entering into iva,finally after three years i have finally been awarded personal injury compensation,i have been in the iva now for just over two years i have taken one payment break whilst i underwent surgery and was unable to work for several months following this,i currently pay 242.00 a month,i was wondering what amount would be favorable to offer as a full and final settlement.I also a little worried that creditors will push for more money i was awarded 35,500 however it is money that will have to be put aside as unfortunately the injury's i received may mean i may need help to do things i can currently do at the moment so will have to use this to pay for help,im just worried if they dont except it,i lose the compensation even though its more than the original debt which was round 16,000,sorry if ive gone on and thank you for any advise
 
 

luluj

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Post by luluj » Wed Oct 08, 2014 3:55 am
My understanding is compensation of this means is not included ..however your individual iva terms will have to be checked out.
At worst you may have to pay in the balance of your total original debt plus IP fees and statutory interest.

I would discuss this with your IP being very explicit of your care needs now and into the future ...focusing on the pain snd suffering you experienced then and continue to have now ...

Let us know how you get on
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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kaza100

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Post by kaza100 » Wed Oct 08, 2014 6:04 pm
hi,thanks for reply,i rang the iva company this morning to ask how much i would have to offer in order to settle,i was told it wasn't that easy,on asking how much i actually owed now after paying for two years,they wouldn't tell me that either,it worried me to say the least i thought i would have the right to now the level of debt i was in at least !,I explained that i wanted to use the compo to pay off the iva,i wasnt trying to keep it or worm out of it,but was told i would have to prove where the money was coming from,what it was for and the exact amount before i could even get a balance on debt remaining,not happy i rang the solicitor who is dealing with compo to request a letter to prove it was personal injury,he wasn't happy either and has advised me to instruct a lawyer who deals with ivas to look into proposal ,he will then deal with the iva company to,reading the proposal it states about comp and says im hoping to keep it but doesnt actually say i can,also there a part which i was told was as standard on taking it out that states any windfall or after aquried assest after the value of 500 will be paid into the iva in full so i hope that this will not be some sort of clause ! it such a shame that all i want to do is pay the debt off they have been fantastic until now but now i feel im hitting a brick wall,my debt on proposal says 19,000 i paid 242 for 2years so i would have thought i could have paid the remainder minis payments made and plus any interest and ip charges etc,happy days,but obviously not i just hope the money i spend on the lawyer will be money well spent,i hate money,if u got it it can bring misery and if u aint it brings it to ...not a happy bunny at all :(
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