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 Andy. If you had an accident at work and are in line for compensation it may be better to have your payments reduced by a variation. Loss of income would be deemed a windfall in your IVA but would make up the arrears that would have accrued since the accident and put your IVA back on course.
Pain and suffering is not a windfall and there may be part of the award for ongoing treatment which you would also be able to keep. You could however offer some of your part of the settlement as full and final and be out of the IVA pretty soon.
Speak to your solicitor and ask for an estimated time for settlement. You could then speak to your IP and ask for a variation or even a suspension of payments until the compensation is received provided the timescale is within reason. If there is already an acceptance of liability creditors would be mad to fail the IVA before the compensation settlement was awarded.
At the end of the day Andy, the decision as to whether you continue with your IVA or go for bankruptcy is down to you.
Speak to your solicitor as Michael suggests, then to your IP once you have something more solid to go on.
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
