Hello! My husband is on an Iva currently and had a crash about a year before entering it. We’ve just received our insurance settlement. Does this mean we’ll have to pay it all into the Iva? The Iva company have all our incomings and outgoings and know we do not have any extra cash not even for savings for our kids. The only way we can is for my Husband to work overtime inwhich they take half anyway! My question is if we spoke to someone dealing with our Iva can they let us keep half? We have no other way of being able to carpet/decorate our house (we have two young babies) no way of replacing our white goods in the kitchen (all given second hand, all breaking down) no way of paying my family members back for digging us out of a whole after the crash and setting us up with a new car. No way of me getting driving lessons. No way of saving for Christmas or birthdays no way of buying a car seat/cot and pram for the new baby. Thank you.
I am afraid the no way of doing any of the things you mention are common to all of us and will not wash with your IP -- this is life in an IVA. Do not mention being set up with a new car and repaying relatives to the IP --- this is a no-no!
As for keeping the insurance payout --- generally these things are treated the same way as in bamkruptcy --- compaensation for loss of earnings will be taken. Compensation for injuries : Pain & suffering, is allowed to be retained. You could argue that payment for the loss of the vehicle is to be used for a replacement vehicle, but it will be down to the discretion of your IP.
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'm afraid I have to agree with Foggy. As to Christmas etc, try doing online surveys for vouchers - it worked for me.
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