I am a farmer. My sheds were destroyed in a fire. The insure company are paying my wife and me as joint insurers £200,000 as restitution. The restitution is to rebuild the buildings to enable me to earn income from a pig weaning contract and resumption of dairying, the income from which means I can generate income to service an IVA. The insolvency man sayss half of the £200,000 has to be included in the IVA. Is this correct?
Usually you are only allowed to retain insurance compensation for pain and suffering. In restitution payouts, they are normally made direct by insurer to builder. In this instance you would be free to use the money for anything you require. So, at least for now, the IP is treating it as a windfall.
Might I ask how much were your original debts, how much you pay the IVA each month and for how long ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
If you are in an IVA and are speaking to a member of the supervisory staff then it is possible that there may be a crossed wire but that is being generous to a fault. If you do not get resolution, exercise your right and demand to speak to the I.P. him (or her) self.
23+ years in debt advice
I do not post for anyone other than myself