Discrepancy compensation

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Post by ken154 » Mon Jun 22, 2020 6:47 am
Hi, my IVA was due to finish in April 2020. My IVA was extended by 12 months in lieu of equity taking it up to 01/04/21.

I am divorced and have recently taken Discretionary compensation. This was due to my eldest daughter being under CAMHS and having several suicide attempts. She needs supervision at home and cannot be left alone.

How do I approach this with my IVA?


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Post by Foggy » Mon Jun 22, 2020 8:08 am
Basically in the way you started here ---- chat with your IP ( hopefully you are with a 'more sympathetic' firm). Much will depend on the wording of the order, but I would labour the fact that this compensation is intended for the care of the child and is not 'extra income' or a windfall.

Also bear in mind the recent advice given to IPs regarding Covid-19 difficulties and equity release, mentioned at the end of this article: https://debtcamel.co.uk/coronavirus-new-rules-ivas/
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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