My husband and I are currently 2 years into our IVA. My husband was recently allowed £1400 on a PPI refund, which was taken by the IVA people. I was in a car accident 2 and half years ago, which is now due to go to court. I am wondering if any settlement fee can also be taken. Also, next year, my husband is 55 and entitled to a lump some from his pension. We are also wondering if this could be taken for the IVA. Thanks for any assistance
Personally I would tell him not to take the pension until the IVA has ended. As regards your compensation, if it is for pain and suffering you may be able to keep 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.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Kallis says, compensation for pain and suffering is usually allowed to be retained as long as the IP treats the payment the same way it would be handled under bankruptcy, which they usually do.
Unless "pensions and proceeds" have been specifically excepted in your proposal, I would defer any drawdown of a lump sum as it could be drawn into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014