what percentage would creditors expect to receive

[janine.f]

I am about to start an IVA and also have an employment tribunal and personal injury claim coming up. I am expected to be awarded a settlement, will I have to put this in my proposal and what percentage would my creditors expect to receive. I am expected to get approximately £20, 000 but this is not guaranteed.

Many thanks

Janine

[MelanieGiles]

Hi Janine and a warm welcome to the forum

As personal injury claims are excluded from bankruptcy proceedings, in my view they should also stay outside your IVA. This money is compensation for injuries suffered after all.

You may wish to offer some of the award to make your IVA more appealing to creditors, but you will need to discuss this with the IP you choose to represent you.

How much do you owe to your creditors? Do you own a property? What is the level of your disposable income which could be offered to creditors each month?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk