Hi there ,I am currently 5 months into my iva , at the weekend whilst at work I was involved in a serious car accident , writing the car off and causing me a serious neck injury . I am getting medical assistance through the third party’s car insurance but of course comes with this a medical pay out .
I won’t be claiming for loss of earnings as I am a live in carer and my job Involves living at someone’s house so no need to take time off work , however I will most likely get a pay out for pain and injury .
Does anyone know if this windfall would have to be paid into my iva ? As I have read multiple things online saying if it’s a payout for Injury and suffering then it does not need to be paid into the iva but if it’s for loss of earnings then it does , has any one experienced a pay out whilst in a iva ? Many thanks
Generally a payment for pain and suffering is allowed to be kept. There is no specific ruling on this within an IVA and IP's generally follow the bankruptcy guidelines in this. I am sure there are IPs out there who will treat this as a windfall and, hopefully, yours is not one of those !
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