www.iva.co.uk

Hi

I was just wondered - I am moving out of my rented accommodation and back into my mortgaged flat (part of the IVA proposal) - but I am obviously due to get a deposit back from this.

This deposit was my Mum's money (around £1500) which she obviously wants back. My letting agent is going to pay this into my bank account as they won't (for security reasons) pay it into any other one that the rent doesn't come from.

Anyway my query is, will it be okay for it to be paid in and then for me to draw it out and give it to my Mum or will she lose 50% of it to the IVA?

Thanks

My rent deposit was my mum's and I explained to the lettings agent that this was the case and they paid a cheque to my mum direct so that I didn't have it in and out of my account - speak to the manager not the organ grinder and explain!

Technically your Mum is a creditor of yours for the £1,500, as I assumed that she loaned the money to you to put down as the deposit, and the money is therefore a windfall. You will need to discuss this with your own IP as to the way they intend to treat this, as they may be happy for your mother to have the money back.