if someone that you know gives you a gift of money for a specific purpose do we have to tell IP...eg money for flights...or for a weekend away....as its not regular and its not income and its for a specific purpose i wondered if it can just be received with thanks.?!!??
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
I am really not sure about this, I think if your car breaks down or something and someone offers to bail you out its OK. I think I read somewhere that you can keep up to 500 pounds in a gift but I am not sure, better wait for a professional.
My brother wanted to give me 200 pounds for christmas last year, knowing my situation he gave me vouchers as he knew this was OK. He is a bank director and knows a little bit about insolvency, he wouldnt give me the money for fear of it being nabbed, he knew we needed it for food etc.
gifts are yours to keep. It's only things like lottery wins and inheritance that fall under the windfall category.
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
As pixie says if it is a gift it is yours enjoy it. Inheritance or winnings then it will fall under the windfall clause in your proposal. Ours states we can keep the first £500 and anything above goes to the iva.
Now ang you have got me there.
I would still say that if they gave you a gift of £1000 it would be yours. It would be a gift, it could be given for a holiday, or new electricals. If you inherited a £1000 then you would keep £500 and pay £500 to the iva. If they were to pay for your car to be repaired for £1000 then it wouldnt be questioned.
methinks we will use it to go to scotland for christmas..we had booked the whole family but had to pull out when we realised we wouldnt have enough money...but now we may re-visit the budget and see what is what...life can be sweet sometimes eh?
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
Seems a little extreme but would a gift as large as £30K still be safe if necessary?
Obviously if this happened we would want to offer a F&F but if for exapmple the gift came with the condition that it be used for an extension and not for the IVA - would this be allowed?
It goes without saying that an F&F would be preferred so this would be our first choice - however if the family member giving the money would not allow us to use it for this I would cry to have to turn down such a generous gift!
Is a gift as large as £30k still considered a gift and safe from IVA if it needs to be?
Thanks for advice
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
i think you may get away with it depending on how you did it, but to be realistic, it would never happen, and if it ddi, you house would go up in value and you would have to remortagage in the fourth year
As Melanie says a gift is not a windfall. Your gift if used on an extension on your property poses an interesting question. Since if your IVA has a clause to re-value the property in the final year and your 85% interest (subject to LTV) is paid into the pot by way of re-mortgage? So be careful!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
