Not posted for a long time ! My Iva is almost finished I think 2 more payments , I’m panicking as my partner is terminally ill and it could be weeks , he has a small insurance plan and a small amount of pension which will cover the funeral and keep me and my son going for a few months , will this count as a windfall ? I am terrified it will be taken of us
Technically, if you are the named beneficiary of the insurance payout, it will be treated at your income, and, possibly, a windfall. However, I would hope that the IP has the good moral judgement to work with you to allow you to retain as much as the creditors will agree to you keeping.
I would suggest chatting to your IP now and establishing some rapport to enlist his support when the time comes. In his place I would be inclined to overlook the whole thing in view of the timescales involved --- but, it is not my decision.
Stepchange are not the most unrealistic or money-grabbing ouitfit out there, so, hopefully, they will be sympathetic.
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
I too am sorry to hear your news. I can only echo Foggys comments and hope Stepchange will be sympathetic.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk