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Posted: Sat Jan 18, 2014 12:43 pm
by Radish
Can I just clear something up with regards to winfall. If I entered free competitions (i.e Dickinsons real deal) that are free to enter onine, is anything I win payable straght to creditors 100%? As an extreme example, if someone won a place on a tv quiz program i.e the Chase or Deal or no deal, is all prizemoney to be handed over to the IVA pot? Just seems a lack of incentive to actually make any money if that was the case. Not that you are likey to win anyway.
Posted: Sat Jan 18, 2014 1:16 pm
by Foggy
Generally ( and you would need to check your own paperwork) if the prize was under £500 it is yours -- if over, the IVA gets it.
Posted: Sat Jan 18, 2014 2:24 pm
by Radish
The banker will think Im mad when I "no deal" to £10k and say I want £499 haha. Seriously seems a bit unfair though
Posted: Sat Jan 18, 2014 5:47 pm
by abbiesmum2003
I wouldnt say its unfair...after all if you werent in iva and won money i would expect most if not all of it would have been used to reduce debt...i know we would. I think theyre generous to let us keep up to £500. Just have to enter magazine competitions with lower prize funds and hope you win several which you would then get to keep!
Posted: Sun Jan 19, 2014 1:47 pm
by doritos
don't you get to keep 1/2 of the amount over 500 quid?
Like the 10/50/50 rule?
Posted: Sun Jan 19, 2014 2:05 pm
by Foggy
No Doritos .. in the "standard" windfall clause ( some might differ), if the amount is under £500 you keep it. If it is over £500 you lose the lot ( you don't keep the first £500).
So -- £499.99 keep it all ... £500.01 lose it all.
Posted: Sun Jan 19, 2014 9:04 pm
by abbiesmum2003
And what if its £500 exactly like things usually are...what then?!!!
Posted: Sun Jan 19, 2014 9:07 pm
by doritos
probably lose the lot, maybe.
or 20 quid in an envelope addressed directly to your IP and keep the rest. (probably not this either)
Posted: Sun Jan 19, 2014 9:29 pm
by Foggy
If exactly £500 I would imagine it goes to the IVA !
Posted: Sun Jan 19, 2014 10:35 pm
by doritos
ok, what happens if you win over 500 quid in gift vouchers?
Posted: Sun Jan 19, 2014 10:41 pm
by Foggy
I have no idea and is it likely to happen ? I suppose you could stretch that to what if you won a car or a trip on the Orient Express? You would need to check with your IP at the time.
Posted: Sun Jan 19, 2014 10:50 pm
by abbiesmum2003
Surely if you won a trip youd get to go on it?? cant exchange it for cash to pay in can you! As for winning a car i guess it would be classed as an asset maybe??
Posted: Sun Jan 19, 2014 10:56 pm
by Foggy
You would like to think a trip would be OK -- but the golden rule is "take nothing for granted and check with your IP".
Posted: Sun Jan 19, 2014 11:23 pm
by abbiesmum2003
True! Good job I dont enter anything!
Posted: Mon Jan 20, 2014 8:59 am
by ClareSilver
There was a contestant on Deal or No Deal who won £35k and was sent to prison for not declaring it as he failed to notify the Official Receiver about it....
http://www.mirror.co.uk/tv/tv-news/bank ... nt-2090454