what happens if I receive a windfall or a payout?

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janie

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Post by janie » Mon Jun 16, 2008 6:43 pm
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Hi
If an IVA is entered into and a reduced amount is agreed over a period of years, what happens if I subsequently receive a windfall or a payout for a claim for a road accident injury? Do I have to pay this over into the IVA? I have been told that any windfall I receive after the IVA has been set up will have to be paid over and it will not pay back the reduced sum but the balance between the reduced sum and the original debt. Is this right?
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TheMatrix

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Post by TheMatrix » Mon Jun 16, 2008 6:48 pm
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It would depend on the details in the chairmans report when the IVA has been set up.

Mine is a 50/50 on any windfalls and bonuses
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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Jan01

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Post by Jan01 » Mon Jun 16, 2008 6:59 pm
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Hi
Mine is 50% of anything over £500 anything under £500 is not counted. My husband is a pensioner so it means that his fuel money is not counted which is a blessing. But as inaiva has said look at your report as every one is different.

Jan
Nothing you can buy feels as good as not being in debt.
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MelanieGiles

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Post by MelanieGiles » Mon Jun 16, 2008 10:31 pm
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Hi Janie

Often personal injury claims are exempted from IVAs so it would be well worth checking your documents to see if this applies to you.
Regards, Melanie Giles, Insolvency Practitioner
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