waiting for a payout from a personal injury claim

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lisa.80

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Post by lisa.80 » Mon May 24, 2010 12:09 pm
Me and my husband have an iva in place for the past 2 years and i am waiting for a payout from a personal injury claim, do I have to declare the money or can I spend it?
 
 

kallis3

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Post by kallis3 » Mon May 24, 2010 12:27 pm
Hi Lisa and welcome to the forum.

I think it depends upon what the compensation is for as to whether you can keep any of it.

You need to speak to your IP about it.
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.
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Michael Peoples

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Post by Michael Peoples » Mon May 24, 2010 12:28 pm
Hi Lisa and welcome to the Forum.
You should notify your IP immediately because you are aware of a potential windfall. How much you can keep and how much goes to the IVA will depend on what the money if awarded for and your IP will require a copy of the award.

It is possible that you can keep some or even all of the money but you must keep your IP up to date at all times.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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