www.iva.co.uk

I have heard a lot of people saying that u are able to keep first £500 of a windfall. is this common practice or does it depend on the company?

Hi Lottie - it depends on what it says in your proposal, you would need to check the details.

It is the term which has been used in the IVA Protocol since 2008, so if you are in an IVA already check to see that it follows the protocol and then you will be allowed to retain anything under £500 - but this does not mean that you can retain the first £500 of any higher amount.

Hadn't realised that Melanie not that I've had a windfall but I think I assumed you could keep the first £500! you live and learn x

Interested in retaining £500 its in my windfall clause 2yrs into IVA after my sister died over seas and left no money but a huge hospital bill its complicated however after 4yrs suddenly up pops her pension contributions returned after 4yrs even though I forwardeda letter from her scheme to my IP no benefits for her...gives me anxiety everytime i submit my payslips etc however will speak to my IP tuesday and Im sure it will be the case it will all have to be submitted to creditors its a small amount not enough pay off IVA....never mind however we do an IVA debt comes in many forms and is a learning curve I look at travel insurance in a new light nominated beneficary ....at least IVA is a way to get straight I donot think I will grieve for my sister until my IVA is completed ....

Juliebe - I am not understanding your post, but it seems more like a statement that a need for assistance. If you do need any help, could you clarify the points you are seeking guidance on please.