Insurance Write Off

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BigSami

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Joined: Mon Feb 18, 2019 2:07 pm

Post by BigSami » Mon Feb 18, 2019 2:23 pm
We are only a few months into our IVA.

My wife had an accident which has probably written car off, waiting for confirmation but cant see that it wont be.

She definitely needs to replace the car. We'll probably get 2k-2.5k offered by insurance co. but where do we stand with the IVA?

Assuming (cos I think they want us to continue to earn??) they will be OK with using the insurance money to get new car.

It might be possible for our parents to contribute but thinking they would just want to take this money for the IVA.

Our monthly child care expenses are a little variable so it might be possible to use some of our wages next month, would that be a problem?


It was all going so well.

Foggy

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Post by Foggy » Mon Feb 18, 2019 3:01 pm
Usually an insurance payout to replace the vehicle is OK if that is what it is actually used for -- after all, at the end of the day, no vehicle often means no work these days, which, in turn, would mean no IVA payments ! There should be no problem if your parents are kind enough to gift you a modest amount as well.

As with all these things it is better to run it by your IP to avoid any surprises later on.
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

BigSami

Posts: 2
Joined: Mon Feb 18, 2019 2:07 pm

Post by BigSami » Mon Feb 18, 2019 3:09 pm
Thanks for your help.

Foggy wrote:
Usually an insurance payout to replace the vehicle is OK if that is what it is actually used for -- after all, at the end of the day, no vehicle often means no work these days, which, in turn, would mean no IVA payments ! There should be no problem if your parents are kind enough to gift you a modest amount as well.

As with all these things it is better to run it by your IP to avoid any surprises later on.
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