What will happen when I reveal that I spent accident compensation on a holiday ?

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Ron.04

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Post by Ron.04 » Sat Aug 20, 2016 7:55 am
I had a accident two years ago and i received 2700 and I've spent it on a holiday what will happen when I tell Themis spent it
 
 

kallis3

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Post by kallis3 » Sat Aug 20, 2016 8:23 am
Hi and welcome,

What was the compensation for? If it was for pain and suffering a lot of companies will let you keep it but you should have informed them.

If it wasn't then they won't be very happy at all and may well insist that you pay it across bit by bit.
Sharing from experiences of dealing with debt
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Foggy

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Post by Foggy » Sat Aug 20, 2016 10:24 am
Hopefully, as Kallis says, it was for pain and suffering and that your IP is one of those who accepts that you can retain this.
If not, they will expect it to be repaid, either over the rest of the IVA or by extending the IVA to cover the loss. It would, in my opinion, be unreasonable to expect you to be able to find a lump sum to repay in one payment. However, there is a large element of trust in running an IVA, which you have potentially damaged. Your IP might be a little more stringent going forward.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Sat Aug 20, 2016 3:36 pm
Your IP will not be pleased if they were not kept informed of the accident and the award. You should contact them on Monday and deal with it now.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

luluj

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Post by luluj » Sun Aug 21, 2016 8:50 am
Best to pick the phone up on Monday and let them know.
Worst case will be you have to pay it in over the balance of time.
Let us know how you get on - no problem is not resolvable so always keep your IP informed
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Lisa Thomas

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Post by Lisa Thomas » Tue Aug 23, 2016 10:41 am
You are at risk of failing your IVA if this money was not classed as compensation for 'pain and suffering'.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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