Windfalls and pay increases

[mole]

Thanks Andy, it is a strange one as I can understand the cash gift turns into an asset if it is used for shares; but then again if I could keep the cash why not the shares. Within our family people have a habit of gifting premium bonds. Guess thats even more confusing!

[kallis3]

If you receive money, say for birthday or Christmas, this does not have to be declared.

[tele2002]

Hi Phil, glad it was bought up now because thats another little note to myself.... I guess a big lottery win would be seen as a windfall... still if it was big I'd happliy pay them all their money

Which is actually another question, if you do a final settlement one year into your IVA and it turns out that you pay 100% of your debt does it still stay on your credit file for 6 years?

[tele2002]

Jan that would just be crazy to declare Xmas and Bday monies... surely? (not that I get any way too old lol)

[Adam Davies]

Hi
I think a cash gift is fine as is a premium bond as a gift, the trouble is that any winnings would be a windfall.
Again you could buy shares with a cash gift but any increase in value would be seen as a windfall,as would any dividend payments.
A tricky one.
Regards

[mole]

Hi Gary, yes its an interesting thread, just want to ensure I play by the rules, this is my second chance and don't want to mess it up.

Unfortunately, it will remain on your credit file for 6 years whatever.

[tele2002]

Yes it is.... I've noticed that you learn so much as you become more relaxed about the situation. And only through others questions to you come up with your own.

It's great!

[mole]

It really is a godsend, I feel for the people who are going through this without this forum. I was in a real mess in the early days.

[kallis3]

I hope a lot more people find the forum - it is a godsend, and the advice is invaluable.

[cazlizzy]

Me too Jan, there is some scary advice given out in some places and I have yet to find another forum that actually cares as much for the people behind the problems.

[kallis3]

A lot of other forums aren't moderated as this one is. There isn't the friendship and support that is enjoyed by posters on here.

This forum will advise people about the best way forward for them - not for the companies advising.

We have excellent IP's postin on here and the support from them and other posters is second to none in my opinion.

[Skippy]

I agree Jan. I sometimes post on other forums, but some of the posters can be quite rude so I often steer clear!

[kallis3]

I think I know to which one you are referring - and I quite agree with you.

[johnh]

After all that good advice, Dickieb, you can now start writing that novel. Forgive me if I have to wait 'til the paperback version comes out!!!

Andy, Michael, with a normal annual pay increase you say it is declared at the annual review and payments adjusted accordingly. But what about the increased salary in the months prior to the annnual review. Does this not mean you will have built up months of arrears and shouldn't you declare it and pay up immediately??

[Adam Davies]

Hi
No, usually the increased payments will only kick in when you have your annual review with no claw back.
Best to check your own chairmans report to clarify the exact wording.
Regards