www.iva.co.uk

Hi we have recently received £2490 that we had to buy a car and other things with, i didnt declare it as i didnt realise i had to, but my supervisor has now asked me if i have received a windfall in the last 12 months, i am now panicking that they will declare me bankcrupt if i come forward.what should i do?

Hi Sue I would be upfront and honest with your IP without delay as I would imagine that the money would have been classed as a windfall, would it be ok to ask where the money came from? I hope it can be sorted

Hi Sue
I agree with Lesley, discuss this with your IP as soon as possible. By being honest with him or her you may be able to find a work around. It is when you don't declare iut is when you run the risk of breaching your IVA.

Thanks

Hi Sue. Lesley is right in that you should be up front with your IP. Depending where the money came from this will almost certainly constitute a default and your IP will have to notify creditors. If creditors believe that it was a genuine mistake they may forgive the default but if you try and hide the fact and it subsequently comes to light creditors are unlikely to be forgiving.

Hi Sue, looking at your other posts, was this payment compensation for a car crash? Was the money paid out because your old car was written off?

If you've used the money solely in that way then this may be OK (speak to your IP though as others have advised).

If it was essential to replace the car, it is very likely that your IP will grant retrospective consent to its purchase - but do make sure you discuss this with them.