Insurance Settlement

Get expert opinion. This is the place for new questions to be posted.
8 posts Page 1 of 1
 
 

Johns

User avatar
Posts: 41
Joined: Wed Jan 27, 2010 8:57 pm
Location: United Kingdom

Post by Johns » Fri Sep 24, 2010 7:29 pm
Hi All
Just wondering if you could help me someone broke
into my garage at the start of the year and I put
a claim into my insurance and they have agreed a
cash settlement to replace everything that was
taken.
Will this cash amount have to be paid into the
iva as some of the things taken were for my job?

Thanks
Johns
d.shewell
 
 

Broke of London

User avatar
Posts: 7761
Joined: Sun Sep 05, 2010 6:04 pm
Location: United Kingdom

Post by Broke of London » Fri Sep 24, 2010 7:55 pm
Not sure Johns. One of the terms of an IVA is that you get to keep your possessions and this is money to replace belongings that were stolen. So it is not a windfall in the sense that you are getting anything extra...but you never know what can be classed as a windfall as the proposals don't clarify this!

Worth re-reading your proposal if you haven't already to see if there is anything in there.

Hope you get to keep it and replace your stuff x
 
 

kallis3

User avatar
Forum Expert
Posts: 76934
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Sep 24, 2010 8:17 pm
I would think that you would be allowed to replace your tools of the trade.

Hopefully the other stuff as well.

One of the experts will be along 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
 
 

Johns

User avatar
Posts: 41
Joined: Wed Jan 27, 2010 8:57 pm
Location: United Kingdom

Post by Johns » Fri Sep 24, 2010 8:42 pm
Hi
Thanks for the replies i thought the same but would rather check perhaps one of the experts can clarify it as well thanks both z
d.shewell
 
 

Shining

User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am
Location:

Post by Shining » Sat Sep 25, 2010 12:19 pm
I'll bump this back up Johns but I would have thought if it were your tools you were replacing that were stolen it should be ok but like the others say we'll wait for a professional to answer x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Johns

User avatar
Posts: 41
Joined: Wed Jan 27, 2010 8:57 pm
Location: United Kingdom

Post by Johns » Sat Sep 25, 2010 8:13 pm
Ok thank you x
d.shewell
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Mon Sep 27, 2010 12:50 am
The money that you receive is not a windfall - it is compensation for the items lost, so you should use it to replace those items without any worry that any of it has to be handed over to creditors.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

User avatar
Forum Expert
Posts: 76934
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Sep 27, 2010 10:43 am
My insurance company actually replaces like for like. I've just claimed for my engagement ring and they gave me a choice of three shops, a voucher for X amount and I went along and chose a ring.
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
8 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”