Compensation from road traffic accident

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jude335
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by jude335 » Thu Jan 04, 2018 9:44 am
Does compensation from road traffic accident have to go to iva creditors?
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kallis3
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by kallis3 » Thu Jan 04, 2018 9:48 am
Hi,

It will depend on what the compensation is for - if for pain and suffering you may be able to keep it but do check with your IP.
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Foggy
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by Foggy » Thu Jan 04, 2018 9:48 am
jude335 wrote:
Does compensation from road traffic accident have to go to iva creditors?


It depends on the stance your own IP takes on compensation. Most IP's will treat this in the same way as it is generally treated in bankruptcy and allow you to retain that element of the compensation for pain and suffering but take any for loss of income.
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