what is classed as a windfall

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Abby

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Post by Abby » Thu Sep 25, 2008 7:01 pm
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hi
hoping to enter into an iva soon, hubby had a serious accident whilst working which impacted on our earnings, he has not received a pay out yet, we thought it would not have to be written into the iva but have been told today its classed as a windfall, melanie could you advice on this. been told today our car repairs are going to be in excess of £1000 plus vat so really need to sort the car out.[:(] [:(]
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Lisa2009

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Post by Lisa2009 » Thu Sep 25, 2008 7:39 pm
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Abby, dont worry, any car repairs would be offset from the ammount recieved. Im sure Mel will be along soon to advise further xxx
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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MelanieGiles

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Post by MelanieGiles » Thu Sep 25, 2008 7:39 pm
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It really depends on what the payout is for - if it is for a personal injury suffered then these are exempt from bankruptcy and therefore could be from the IVA as well, but if it is compensation for loss of earnings then this would be classed as a windfall.
Regards, Melanie Giles, Insolvency Practitioner
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Abby

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Post by Abby » Thu Sep 25, 2008 7:53 pm
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majority of it will be personal injury, but there will be some loss of earnings as well, i think it will all be detailed.
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Abby

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Post by Abby » Thu Sep 25, 2008 8:13 pm
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melanie, i have a phone meeting with one of your team tomorrow maybe we could go into more detail then.
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MelanieGiles

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Post by MelanieGiles » Thu Sep 25, 2008 8:44 pm
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Yes - you are due to have a chat with my co-director, Philip Gill, and then once the proposal is finalised myself! So do be sure to raise your concerns with Phil and I will brief him beforehand in any case.
Regards, Melanie Giles, Insolvency Practitioner
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Abby

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Post by Abby » Thu Sep 25, 2008 10:43 pm
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yes ok, thanks melanie.
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