31.9.11 Vesting or non-vesting asset?
I found this reference and its great advice.
I have recieved 6k for pain and suffering from the Armed Forces Compensation Scheme so no loss of earnings and am in an IVA does the legislation apply in the same way for an IVA?
Not trying to dodge my debt at all but need to replace the family car and make some house repairs and this will be the only chance i get until the IVA is complete in 4 years.
IP has requested 50% of the ammount but keep getting told that pain and suffering compensation/awards are exempt in both bankruptcy and IVA but cant find an exact reference to quote IP.
I can't answer your question I'm afraid, but hopefully one of the experts will be along soon to advise.
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
There is no hard and fast rule I am afraid, and you cannot really compare bankruptcy custom and practice with IVAs. The answer will lie in the terms of the proposal - and it might be worth getting a lawyer to look it over for you.
MelanieGiles wrote:
There is no hard and fast rule I am afraid, and you cannot really compare bankruptcy custom and practice with IVAs. The answer will lie in the terms of the proposal - and it might be worth getting a lawyer to look it over for you.
Hope you get something sorted Mark, let us know how you get on.
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
I do not understand how the IP can request 50% as this makes no sense at all. The 50% rule applies to 'overtime, bonuses, commission or similar' which plainly this is not.
If it is a windfall you would lose the lot and if it is exempt you keep it all. Where does the IP get the figure of 50%?
Thankyou all experts for your input it seems that pain and sufering will differ from company to company and its the company policy and maybe not the insovency policy that is applied.
I cant find anything in my paperwork that asks for 50% of any increases of funds and to be fair my IP to date has been really good. I have emailed asking to keep all of the compensation as it was due to military service and 100% for pain and suffering not for loss of earnings at all i quoted the insovency technical manual reference and insolvency act so we will see what decision comes back
Will keep you posted and thankyou again for your advice
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
