Personal Injury Claim

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Coline81
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by Coline81 » Tue Oct 24, 2017 12:56 pm
Hi...I am in the process of applying for an IVA. I have not received my proposal yet but that should be with me at some point this week or next. I am currently awaiting payment from a person injury claim. This claim was started in Feb of this year and I have been advised by my solicitor that payment should reach my bank account in the next 6 weeks. My question is, will I have to declare this claim if it was a pre-IVA claim? It may be the case that I get paid the claim prior to the start date of the IVA. It's only about £650 so not a massive amount of money but just want some advise please - thanks.
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Foggy
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by Foggy » Tue Oct 24, 2017 1:01 pm
If it gets paid after the start of the IVA it will be drawn into the arrangement. Most (not all) IPs follow the same criteria as in bankruptcy and a payput for pain and suffering is yours, but compensation for loss of pay is theirs. Also, if the final figure is less than £500 you should be able to keep it, assuming you have the usual windfall clause.
Coline81
Posts: 20
by Coline81 » Tue Oct 24, 2017 1:15 pm
Thanks Foggy - and does the start of the IVA mean the date that the first payment is made or the date that creditors vote on the proposal? I guess it couldn't really be the latter as they could come back with additional terms that i also need to agree to.
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Foggy
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by Foggy » Tue Oct 24, 2017 1:18 pm
Coline81 wrote:
Thanks Foggy - and does the start of the IVA mean the date that the first payment is made or the date that creditors vote on the proposal? I guess it couldn't really be the latter as they could come back with additional terms that i also need to agree to.


It is the date the creditors vote on the proposal. If they make any changes you need to agree to you will be contacted on the day to say yes or no.
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