I am due a pay out in the next few months for “ pain , suffering and loss of amenity as I was in a car accident a few months back my iva practitioner has said I can keep this windfall as it’s for pain and suffering . Can they tell me what to spend it on ?
I have 4 years left of my iva , my brother has offered me £5k to try and get out of it earlier but that would not be enough , he has said the offer will remain until I need it , Iv been told by my solicitor I can expect 3-6k for the accident , assuming I get the lower pay out at 3k and my brothers offer to pay 5k , totalling 8k I have worked out I can offer to pay what is left of my monthly payments on my Iva 24 months before it’s due to end , would my creditors accept that ? Or do they have the right to not let me save the accident money and use it to get out of the iva earlier .
I’m only a year into my iva but the thought of another 4 years really gets me down , knowing I could possibly get out of it two years earlier would be a weight lifted , the creditors are not entitled to this windfall but I would actually like to use it at some point to pay the iva off earlier as settlement . Thank you
