I started proceedings for an IVA last week and am on a fact finding mission. I owe 10,815 to four credit cards, paying back 300 per month and have been advised that my repayments can possibly be reduced to 100 per month over the next five years. I am involved in a personal injury claim for the past fifteen months when I fell down an unguarded and unlit hole which was dug in a public area whilst out at night. I cracked two vertebrae in the accident. I am aware that my IP has to be informed of any compensation, But I am I allowed to keep anything due to pain and distress?
Usually you are allowed to keep compo for pain and injury but you do need to inform your IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Usually compensation for pain and suffering ( and specifically described as such) is allowed to be kept --- but this is at the discretion of the IP as these payments are not specifically captured in the IVA terms, so most IP's apply the policies as they apply in bankruptcy. But -- at the end of the day it is down to your IP.
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