Pain and suffering payout

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Post by lauren711 » Sat Feb 20, 2021 9:05 am
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 :)


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Post by Foggy » Sat Feb 20, 2021 10:04 am
If the IP agrees that the money is yours you can use it however you wish. Creditors will vote on the merits of the offer, rather than the source of the funds.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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