Hiya, just recently I've been involved in a car accident which I'm not in fault with. Do I need to tell the iva company before I make a claim or after I receive a settlement as it could be months. And does it all go towards the iva or will they consider other things that need doing around the house?
Any insurance payout for repairs will need to be spent on repairs and will probably be paid direct to the repairer. Any of this not spent on repairs will be due to the IVA, unless your IP deems otherwise.
An insurance payout for pain and suffering (which has to be described as such) is usually allowed to be kept to spend or save as you wish.
There is no specific agreement regarding compensation for pain and suffering in an IVA but IPs usually follow the protocols as they are in bankruptcy. I have yet to hear of an IP grabbing pain and suffering compensation for an IVA, but I am sure it happens !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014