Hi, I'm 23 months into an IVA paying £159 a month. Total debt was around 10500. I was involved a pretty bad car crash and would be looking at around £5000 compensation that I would like to use at making a F&F offer against the remaining amount of £6-6500 (sorry i don't have exact amounts but i'm sure these are pretty accurate)
Sorry to hear about your accident and hope you are well now.
It will depend on what the compensation is for. If it is for pain and suffering then you are normally allowed to keep that so could offer it as a full and final.
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
Hi. If, as Kallis says, the compensation is for pain and suffering most (most!) IP's will allow you to keep it and it could be used to negotiate a F&F. You really need to sound your IP out to see which camp they are in as, as mentioned, there are a few IP's who will still want to keep the compensation for the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
