if you are in an iva and you are in a car accident

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Pauld7177

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Post by Pauld7177 » Mon Jan 30, 2012 9:11 pm
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if you are in an iva and you are in a car accident can you keep the compensation awarded or will your creditors claim it
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kallis3

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Post by kallis3 » Mon Jan 30, 2012 9:16 pm
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Hi and welcome.

It will depend on what the compensation is for as to whether or not you can keep any of it.

You would have to discuss it with your IP.
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
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Foggy

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Post by Foggy » Mon Jan 30, 2012 9:56 pm
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Compensation for pain and suffering you are generally allowed to keep ( but check this with your own IP), other compensation must be paid into 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
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MelanieGiles

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Post by MelanieGiles » Mon Jan 30, 2012 11:31 pm
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It will depend upon the terms of your specific IVA, and if the agreement is silent on this point you may be able to argue that monies awarded for pain and suffering are outside the IVA, on grounds that they would be treated this way under the alternative bankruptcy proceedings.
Regards, Melanie Giles, Insolvency Practitioner
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