As many of you know my partners nan passed away. My father in law wants to purchase us a large amount of premium bonds. Were talking between £5,000 to £10,000
Do you think our practioner will allow him to do this? They do know we have premium bonds but ive heard they cant touch them at all.Obviously a windfall over £500 would be declared
Not sure I would want to put that much money into premium bonds... seems like a waste to me. Can't he just save it in an account for when your IVA is finished. If it is not your money, then it has nothing to do with your IVA surely. Still would check this out before he lays out the money.
IVA people said they will have to ask if he can buy us some as there not sure. I buy £50 each month that payplan are aware of so cant see a problem if someone wants to buy us some. Plus if we win then 50% goes towards the iva.
Can see our iva failing things we can or cannot do.
Remember premium bonds you can win £1,000,000 so £5,000 to £10,000 isnt that much for someone to buy them if thats what they want to do for us. Its there choice i wont say no. I see premium bonds as a savings account u cant lose on them and can release the balance at any time
If you won a large amount on premium bonds then I would have thought the lot (up to the amount of your total debt plus fees) would have to be paid across as it is a windfall.
Sorry to hear about your Nan. I was with Payplan and had £500 worth of premium bonds. At the beginning of my IVA they told me to keep the bonds and I had to send all winnings to them (not that I won that much) I had to cash my bonds in near the end of my IVA and send the £500 to them. It was exactly the same with my hubby too. They told us it was a form of savings. Hopefully they will let you keep them. Fingers crossed for you.
So basically any form of savings you have they take? So basically your best keeping money at home if your given any? Im was told that you can have savings for a rainy day during the IVA?
You are allowed some savings in an IVA, obviously not a vast amount but a lot of people put their contingency allowances into a savings account until they need them.
Not sure whether or not a large amount of premium bonds would constitute savings, particularly when you can cash them in whenever you like and so gain the cash.
Be careful, I think this may still be classed as a windfall if they are being bought in your name. Savings would be what you put aside each month from your salary not a gift of 10k.
mitch2311 If your IVA company get a sniff of 10k they'll want it and to be fair quite right to! Soo tell your father in law to put them into his name for now and hey if he wins a million then he can pay your IVA off
Put yourslef in a creditors shoes. If you were a creditor of you and you thought that you had an right to a share of the money, then you probably do. I think all assets are recoverable including liqued ones
Spoke to my father in law.Hes keeping our money until IVA is finished which is fair enough.Something to look forward to end of the IVA.
Spoke to my IVA people today who told me the most i can save each month is £15. If they had worked my figures out correctly in the first place they would have seen i save more than that.
£500 for a rainy day? My car got its MOT/service this week. Ive then got a £250 renewal for my car tax.Need to do a food shop this week also, £500 wouldn't be enough. Surely if we can save more than £15 a month we should be allowed to
They agreed to accept £100 a month that was down to them. They have basically shot themselves in the foot as we could be in a position to offer a F+F offer. We'l just let it run its course now and there end up with alot less.
Payplan are reading into it that we have money left to us.We don't it was all left to my father in law, obviously it was his mum that passed away.What he does with his money is upto him.Payplan cant take what we havn't got eh.
Hi Mitch. Don't you get a car tax allowance in your expenses ? Each month you are expected to save this ( and similar amounts like contingency fund and repairs )so that you have the money available when the time comes, so you'd be saving more than £15 per month there. Also, if they allow you, say, 80 a week for food and you decide to live on beans for a month, then the savings should be yours.
If you do overtime, what do they expect you to do with your 50% share ??
Payplan are being somewhat harsh, more than a little short-sighted and their usual unhelpful selves.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
