I'm after some advice....
I was in a RTA earlier this year & am looking to receive some compensation for my injuries & ongoing treatment, I have told my IVA provider as I'm a honest person & wouldn't want any legal stuff coming from it if I didn't declare it.
Now none of my reward is for loss of earnings it's all for pain & suffering & from what I've read that is excluded from the "windfall" clause of an IVA. Is this correct? Also a financial advisor told me the same.
My IVA provider has informed me that I need to contact my IP which I have done via email as it is ultimately at their discretion but now they've told me it needs to go to their assets relisation team (I had to ask as I had no idea what it was!) and they would want a break down of the reward & what would be for what etc. Am I going to be told I need to give it all to them or only part? I had to borrow money to buy a car as mine was written off, ongoing physio & counselling due to severe anxiety caused by the accident regarding driving.
Please could someone help?! I feel lost....
BR is Bankruptcy.
Foggy wrote:Most (most!) IP's follow the procedure as in BR -- compensation for "pain & suffering" is yours -- but it must be described that way in the compensation offer. There is no specific mention of this in IVA terms and I have seen at least one IP in the past try to grab the lot --- we were never advised of the outcome, as far as I recall.
BR is Bankruptcy.
Thanks Foggy, much appreciated Not sure what the "asset relisation team" will ask for, never even heard of one personally! She did say "oh the creditors will be interested if you get a lump sum payout" yes they may be but it's pain & suffering not just some random money!
I have asked my solicitors to draw up what is what for me.
So what do I do if my IP calls or emails me to say all needs to do in the IVA? Do I send across what they told me online as proof?
Foggy wrote:Your IVA provider is your IP's firm --- so they should be aware of the policy and be singing from the same hymnsheet.
I did ask why she could give me a straight forward answer & no one could earlier but all she told me was yes it will go to the asset relisation team as they will want a break down etc, basically to see what they can take! But at least now I've got it in writing that it is exempt from the IVA.
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