If I'm in an iva and am potentially due a payment for a car accident i had will this be taken off me or affect the iva . The payment is for car damages and personal injury. It has not been awarded yet but its potentially going to be.
Any compensation awared for pain and suffering is usually deemed to be allowed to be kept and you can argue that the damages for repairs will need to be spent on those repairs (although it is usual that this aspect will be dealt with by the insurance companies and repairers direct).
There is nothing specific about this in IVA terms, however, this is how it is dealt with in bankruptcy and most IPs follow these terms in this regard.
I say 'most' --- I have yet to come across an instance where compensation for pain and suffering has been drawn into an IVA, but it would not surprise me if this happened in an IVA run by some of the more aggressive or self-centred firms who are up and coming in the industry.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
