How much insurance money can I keep when in an IVA

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david481

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Post 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

kallis3

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Post 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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Post 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.
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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Lisa Thomas

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Post 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...
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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