Compensation payment

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ash968

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Post by ash968 » Mon Dec 10, 2018 8:41 pm
Hi, my wife is expecting a compensation award from the CICA for sexual assault but we are in an IVA. Do you think this will have to be paid towards our arrangements? Cheers.

Foggy

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Post by Foggy » Mon Dec 10, 2018 8:49 pm
Are you both in IVA's ? If so the IP will take an interest --- there is no specific mention of compensation in IVA terms, but, under bankruptcy, compensation specifically for pain and suffering is allowed to be kept and most IP's follow this practice in an IVA. Only your own IP will be able to say which way they will jump.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Tue Dec 11, 2018 1:15 am
I would sincerely hope your IP allow for your wife to retain this payment, although am sure no amount.of compensation will ever compensate for the trauma experienced x
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ash968

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Post by ash968 » Tue Dec 11, 2018 8:15 am
ash968 wrote:
Hi, my wife is expecting a compensation award from the CICA for sexual assault but we are in an IVA. Do you think this will have to be paid towards our arrangements? Cheers.
Hi, yes we are both in IVA for joint debt. Debt we actually got into because my wife couldn’t work after the trauma. Silly question but what is an IP? (Is it IVA provider). I also would like to think my wife could keep this money as it would mean our mortgage could get paid for the next year and financial worry has been a massive part of the knock on effects of this traumatic incident.

Thank you for your replies.

Foggy

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Post by Foggy » Tue Dec 11, 2018 8:50 am
ash968 wrote:
ash968 wrote:
Hi, my wife is expecting a compensation award from the CICA for sexual assault but we are in an IVA. Do you think this will have to be paid towards our arrangements? Cheers.
Hi, yes we are both in IVA for joint debt. Debt we actually got into because my wife couldn’t work after the trauma. Silly question but what is an IP? (Is it IVA provider). I also would like to think my wife could keep this money as it would mean our mortgage could get paid for the next year and financial worry has been a massive part of the knock on effects of this traumatic incident.

Thank you for your replies.
An IP is an Insolvency Practitioner --- the supervisor of your IVA. Don't mention to your provider what your plans are for the money -- I would like to think that they are better than this ... but wouldn't put money on it .... but ... if they think your mortgage payments are covered for the year ahead they could remove them from your agreed allowances and add them to your IVA payment as an increase in disposable income. Call me a cynic ... but ........
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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