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Posted: Mon Jan 30, 2012 9:11 pm
by Pauld7177
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
Posted: Mon Jan 30, 2012 9:16 pm
by kallis3
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.
Posted: Mon Jan 30, 2012 9:56 pm
by Foggy
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.
Posted: Mon Jan 30, 2012 11:31 pm
by MelanieGiles
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.