www.iva.co.uk

I am expecting a Personal Accident Payout, Compensation from a work accident.
Will my IVA take 50% of this as the do with other extra income?

I suppose they will want some of it, this was mentioned to me. I am also waiting for a payout for a car accident that was not my fault. But how will they know about it if you have not told them? Is there a way to check up? I am not expecting much, just a couple if hundred pounds

Hi pic and jane.l

I couldn't say for sure but my interpretation of this is that if you are already in an IVA this would fall under "windfall" rather than "additional earnings" so all of it would go into the IVA. A real expert will probably confirm or correct this for you soon.

As to not declaring it you could be on very dangerous ground there. Firstly you would almost certainly be paid by cheque with ac payee only meaning it would have to be paid into an account with your name on it.

Secondly if you didnt mention it and your IP later found out it could lead to them failing the IVA as you had been dishonest.

Jane if yours is only a couple of hundred pounds you may find that at your annual review your IP feels that this is absorbed by increased living costs etc.

As I say not an expert but this would be my take on the situation

Dave

Again Dave is totally correct in that it would be deemed as a windfall and all of it would be payable,unless you are returning a 100% dividend,if this is the case then you would still pay all of it in but your IVA would conclude earlier.
Regards