Hi, Im just about to start my IVA (first payment in April) and i was just looking for some advise. My Husband is currently going through a claim for a car accident, if he gets paid anything could i pay the money into my bank account, (everything gets paid into my account) or would this be classed as a Windfall, even though the IVA is just in my name but goes off both of our wages? Would i have to declare it to my IP?
Would seriously suggest that your husband gets his own account - if any compensation is all his the IVA cannot touch it.
Additionally a seperate account would make sense for the admin of the IVA going forward.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Does your IP require bank accounts? Is it a joint account or just your account? My humble opinion would be for it to be paid directly into your husbands account.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Some firms take more interest in household finances, rather than just those of the debtor -- this often results in the solvent family members paying towards the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The account is just in my name, not a joint account. The IVA is just in my name but has been worked out on the Household income. Think its best for him to pay it into a different account (if he gets anything)
I didn't think compensation for an accident was classed as a windfall as the payment is for pain and suffering???
Plus if its not yours then it shouldn't be anything to do with the IVA anyway.
You could ask the IP just to makesure, you could use the money to offer a full and final if your partner would let you use it!!! I know mine wouldn't!!![}:)] Dependant on the agreement of course too.
There's more to life than money....but it does help!!
64 payments made. Full and final with payments made to date accepted on 26/05/15 completion certificate received 17/06/15
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Steven1001
I didn't think compensation for an accident was classed as a windfall as the payment is for pain and suffering???
Plus if its not yours then it shouldn't be anything to do with the IVA anyway.
You could ask the IP just to makesure, you could use the money to offer a full and final if your partner would let you use it!!! I know mine wouldn't!!![}:)] Dependant on the agreement of course too.
This is often the case, as it always is in bankruptcy, but not all IP's think like that and they are free to use discretion to treat it the same as in BR or to go for blood !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
completion certificate received 17/06/15 
