Expected travel insurance money

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Hammie1

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Post by Hammie1 » Sun Aug 01, 2010 8:05 pm
Hi

We are currently going through a claim to try and claim back some travel insurance money. This claim oringinal started in June and we are currently still waiting our creditors meeting, although we should be hearing a date sometime this week, as our proposal has now been signed and returned.

If we receive the money after the creditors meeting, when the IVA is hopefully accepted, will we be expected to pay some money back to the creditors, as a windfall??. It MAY be about £1600. We did not think that we would need to as the claim had started prior to this, but the money will be in a form of a cheque so will show in the bank account.

We were hoping to use the money to fund another holiday this year, as unfortunately we had to come home early.!!!

Thanks
Sam xx[8D]
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Shining

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Post by Shining » Sun Aug 01, 2010 8:12 pm
I don't know the answer to this Sam but will keep it bumped up for a professional to answer. Shame you had to cut your holiday short so it would be nice to go on another. x
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Hammie1

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Post by Hammie1 » Sun Aug 01, 2010 8:14 pm
Thanks Lesley. Yes we were gutted. It took a lot for us to get the holiday in the first place.

Sam x
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
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Shining

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Post by Shining » Sun Aug 01, 2010 8:15 pm
Be really nice for you to go again then, hopefully it'll turn out positive for you x
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Hammie1

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Post by Hammie1 » Sun Aug 01, 2010 8:17 pm
Fingers crossed... Kids would like to go to Haven this time in Lincolnshire.
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Shining

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Post by Shining » Sun Aug 01, 2010 8:24 pm
I'm in Lincolnshire!
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Hammie1

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Post by Hammie1 » Sun Aug 01, 2010 8:29 pm
Kids love it at the Haven, Thorpe Park. We have been there 3 times, but this year went to Crete. Should of gone to Haven again!!!!
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
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MelanieGiles

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Post by MelanieGiles » Mon Aug 02, 2010 1:14 am
The claim will need to be dealt with as an asset in your statement of affairs, and regardless of when the money is claimed or received it should be offered to creditors.

Discuss this with your own IP for absolute clarity.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Hammie1

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Post by Hammie1 » Mon Aug 02, 2010 4:39 pm
thanks Mel.

I don't even know if we will even get any money back from them. So I'll wait and see what happens, just was looking ahead, want to do everything right.

Thanks for your reply.

Sam x
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

James Falla

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Post by James Falla » Fri Dec 10, 2010 3:45 pm
Hello Sam

As Melanie has said, if this money comes through, it should be treated as a windfall gutting as that may be.

One way of looking at it is, if rather than proposing an IVA, you were still struggling with your debts, you would quite possibly have used all or part of any money received to pay some of your creditors anyway so it is not really money you would have had in your pocket...
James Falla
IVA & Personal Debt Solutions Expert
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