How much insurance money can I keep when in an IVA

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david481
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by david481 » Thu Mar 15, 2018 8:06 am
I have insurance money coming very soon for a knee injury from 2014
My loss of earnings was only around £1200 but the claim is £12,000 how much will I be able to keep
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kallis3
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by kallis3 » Thu Mar 15, 2018 8:28 am
I think you are allowed to keep money paid out for pain and suffering but not for loss of earnings as far as I am aware. Hopefully one of the other experts will have more knowledge.
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Foggy
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by Foggy » Thu Mar 15, 2018 9:31 am
There is no specific way insurance compensation is treated in an IVA, but IP's tend to follow the usual pattern as used in bankruptcy cases, which, as Kallis says, is that compensation for loss of earnings will go to the IVA, but that for pain and suffering is usually allowed to be kept. It will have to be itemised on the payout papers.

There is a large element of discretion used here and only your own IP can tell you.
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Lisa Thomas
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by Lisa Thomas » Thu Mar 15, 2018 10:01 am
If the IP allows you to keep the pain and suffering element you could consider using this to offer a full and final and finish your IVA early, depending on the figures...
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