www.iva.co.uk

I am due to have my iva proposal meeting with creditors in 3 days. A relative has given me a cheque of several thousand pound,to help cover unforseen expenses and to buy some clothes etc, but i am unsure about cashing the cheque. Am i able to have this gift in my bank?

Hi,

Not too sure about this one - I know you can receive cash gift just not whether several thousand pounds would be allowed.

Hopefully one of the experts will be along.

Seems a large gift and may be better to return it and have the money as and when needed. It could be deemed a windfall and would certainly be cash in hand.

Thanks Michael - I wasn't too sure about that one and do agree that it may be as well to have it as and when.

Yes - I agree. That is an unusually large sum of money to be gifted for expenses and clothes and will give rise to suspicion. If your relative wants to be that generous, ask them to come on the shopping trip with you and pay for the clothes directly.

Hi

As we are only this subject could you please advise, and I think that it is ok but just want to check.

Since Xmas bank account has been a bit up and down, as family has been sending money for Xmas and birthday's, nothing that has been excessive or over £100. Also my husband has purchased some work items that we were refunded back into our account from his work place, again nothing really over £100. I am keeping a diary of everything, so when the review comes round, I can just explain what this extra money is for. Is this acceptable. Parents money is cheques then I withdraw the cash to give to the children or get them whatever parents have asked, they live a distance away from us.

Thanks
Sam

We are allowed to accept monetary gifts for Christmas and birthdays and your husbands work items will be no problem.

It is only when it is excessive amounts that there might be questions asked.

At least if you keep a record then you can produce that if is queried.

Thanks Jan

Sam

Hammie you are doing the right thing keeping a diary, The more info you have to hand as and when questions arise, the better prepared you are for the answers. I have had similar, but i only have to declare amounts over £500. If you check the terms and conditions of your IVA it should state what, when and if you need to declare any windfalls etc.

I never declare my Christmas and Birthday monetary gifts as they don't amount to a great deal, it's only windfalls that I would tell the IP about (not that I'm ever likely to get any!)

My MIL has given me money for a holiday and helped my husband purchase professional tools, on each occasion I inform my IP as I like to keep her in the loop and this weekend looks like she is going to receive my latest news which I will post as soon as I've told her but it's certainly keeping me awake tonight! x

Sounds intriguing Lesley - hope it's not bad news.

I'll keep an eye out for your posts. Hope it's excitement keeping you awake! X