If compensation awarded, would I be able to keep it ?

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kelvin
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by kelvin » Fri Nov 17, 2017 3:56 pm
Hello, currently in an iva, just been diagnosed with noise induced hearing loss and server tinnitus in both ears, I’m about to start a claim for compensation from employers
If awarded any compensation would this be classed as a windfall and be payable into iva or would l be able to keep any compensation awarded?
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Foggy
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by Foggy » Fri Nov 17, 2017 3:59 pm
kelvin wrote:
Hello, currently in an iva, just been diagnosed with noise induced hearing loss and server tinnitus in both ears, I’m about to start a claim for compensation from employers
If awarded any compensation would this be classed as a windfall and be payable into iva or would l be able to keep any compensation awarded?


It does vary from firm to firm -- but they generally follow the advice in bankruptcy where compensation for loss of earnings is payable into the IVA but you are allowed to keep compensation for pain and suffering. Some IP's do go for it regardless, so I would suggest a chat with your own IP to see which way they jump. If they say you can keep it, get the reply in writing (in case the IVA is sold to another firm or they simply change their policies) .
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luluj
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by luluj » Sat Nov 18, 2017 1:45 am
Good advice from foggy. Although timescale for claims to come through may exhaust your iva duration sobalso check what would happen if payment not received until after closure as sometimes it is still captured
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