I have recieved 6k for pain and suffering

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mark.4

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Post by mark.4 » Mon Aug 16, 2010 7:20 pm
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.
 
 

kallis3

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Post by kallis3 » Mon Aug 16, 2010 8:40 pm
Hi Mark and welcome to the forum.

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
 
 

Shining

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Post by Shining » Mon Aug 16, 2010 10:20 pm
Hi and welcome to the forum, we'll keep this bumped up for a professional to comment on x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 17, 2010 2:01 am
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.
Regards, Melanie Giles, Insolvency Practitioner
 
 

mbtshoes

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Post by mbtshoes » Tue Aug 17, 2010 3:09 am
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.
Yes,I agree with you!
 
 

kallis3

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Post by kallis3 » Tue Aug 17, 2010 7:58 am
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
 
 

Michael Peoples

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Post by Michael Peoples » Tue Aug 17, 2010 9:59 am
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%?
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

marie.5

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Post by marie.5 » Tue Aug 17, 2010 5:09 pm
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
 
 

marie.5

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Post by marie.5 » Tue Aug 17, 2010 5:10 pm
oh and i guess that was the wifes account still logged on that i replied to the thread with
 
 

Michael Peoples

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Post by Michael Peoples » Wed Aug 18, 2010 9:04 am
Hopefully it goes well for you and it would be helpful if you let us know what the final outcome is.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

marie.5

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Post by marie.5 » Sat Aug 21, 2010 8:42 am
Still waiting on decision from IP
 
 

marie.5

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Post by marie.5 » Tue Sep 07, 2010 7:03 pm
Sorry its been a while IP has said i keep all the compensation thanks to you all for your advice and help
 
 

kallis3

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Post by kallis3 » Tue Sep 07, 2010 7:11 pm
Excellent news Marie, so pleased for you.
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
 
 

Shining

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Post by Shining » Tue Sep 07, 2010 10:08 pm
That is excellent news x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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