Me and my wife entered into an iva 5 years ago and made our last payment 2 months ago,recently I was involved in a road traffic accident and have been off work for 6 weeks with no wages,I'm cucurrently seeking compensation for the injuries and loss of earnings, if successful will I have to surrender the funds to the Iva IP, all we are waiting for is for the IP to finish their reports and post our completion certificate,
Thankyou Tony
It would be best to confirm with your IP, but I would have thought, having made the last payment, the loss of earnings compensation would still be yours to keep, as it is replacing earnings since that last payment. Compensation for pain and suffering is usually allowed to be kept anyway ( though a minority of IP's do think differently).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy. The loss of earnings has been yours alone to suffer so I see no grounds for the IP to have any claim. Pain and suffering is usually exempt anyway.
