If we get a present of money for Christmas or birthday are we allowed to spend it ?

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suky424

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Post by suky424 » Wed Sep 05, 2012 5:41 pm
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This might be a silly question but given my current state of confusion I'm gonna ask it anyway. If you get a birthday or christmas present of money, is this classed as a windfall or are we allowed to spend it on pretty things?
Whoop Whoop!!
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Foggy

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Post by Foggy » Wed Sep 05, 2012 5:50 pm
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If it's a modest gift you will be allowed to keep it, a substantial amount would need to be declared and your IP would advise as to it's fate.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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sponge

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Post by sponge » Wed Sep 05, 2012 5:58 pm
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yeh so if it's less then a million shhhh! keep it under the bed...
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Niobe

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Post by Niobe » Wed Sep 05, 2012 6:17 pm
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We have cash from my parents for both birthdays and Christmas but it's not a lot of money and I don't declare it.
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Foggy

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Post by Foggy » Wed Sep 05, 2012 6:29 pm
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font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sponge

yeh so if it's less then a million shhhh! keep it under the bed...
More than a million makes the bed lumpy (so I am told!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MelanieGiles

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Post by MelanieGiles » Wed Sep 05, 2012 8:50 pm
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Definately not a windfall, so worry no longer - remembering of course that there is usually a £500 benchmark before windfalls become windfalls in any case
Regards, Melanie Giles, Insolvency Practitioner
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suky424

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Post by suky424 » Wed Sep 05, 2012 9:35 pm
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thanks all ... A relief to be sure
Whoop Whoop!!
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puppy

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Post by puppy » Thu Sep 06, 2012 10:14 am
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I just wondered why a monetary gift wouldn't be classed as a windfall?

Thanks!
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Niobe

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Post by Niobe » Thu Sep 06, 2012 2:08 pm
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Bear in mind that most IVA's these days allow for a £500 windfall. I doubt the vast majority of us would get birthday and Christmas money amounting to that much.

My own monetary gifts at this time are in cash, way under that limit so I don't see any reason why I should trouble my IP about it.

I'm sure that if it were to be classed as a windfall then we'd be telling relatives to get us either vouchers or something we wanted.
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suky424

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Post by suky424 » Thu Sep 06, 2012 2:16 pm
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Mine have been way under the £500 mark ... and I've been saving them in a pot for something special
Whoop Whoop!!
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Niobe

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Post by Niobe » Thu Sep 06, 2012 2:19 pm
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Don't blame you!!
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