Hi I have an IVA and you have to give a percentage of a windfall or inheritance etc etc. Whats to stop you opening a savings account, putting the money in that so you dont have to give it to your creditors? I believe the IP's only ask for your current account statements.
It depends on the windfall. If it is an inheritance and has gone through probate it is a matter of public record and you are committing a criminal offence. If it is a gamimng or lottery win, there will be tax to pay on the interest received and HMRC may notify your supervisor. The decision is yours but ultimately you agreed to the terms of your IVA, creditors accepted your proposal and agreed to write of a percntage of your debt so you should keep up your end of the deal.
From my point of view if the windfall came through official channels ie inheritance or a lottery win then you must inform your IP however if it is a gift from family or a friend than I guess that would be different, let's face it they would not gift you the money if it was to be swallowed by the IVA!!!
I may be being thick here, but what's the difference? If my mum suddenly won the lottery (I wish) and gave me some money would it be a windfall or a gift? To me it's a gift as it's something she's giving to me, but it would also be unexpected, so would that make it a windfall?
I don't think your being thick Skippy[:D] it does sound the same but I guess a gift is not subject to tax or audit & therefore impossible to track, I suppose if the gift was big enough you could do an F&F[:)] is it not normally apples & oranges Melanie[;)]
I agree that honesty is the best policy and would never condone trying to hide a windfall, but if someone offered me vouchers that would help me during my IVA (or in my case IPA) I wouldn't turn them down.
Where does it stop - I get vouchers from work every Christmas and I've never thought of declaring them to be honest, the same as I wouldn't declare vouchers or cash I was given for Christmas or birthday by my family and friends.
I think a bit of common sense is called for. If it is your birthday and there is a collection at work or family members give you some money it really is not relevant. However, to receive a large sum of money as a bequest or as a lottery win it must be made available to creditors.
I agree Michael. Let's be honest, if someone thought the money they were giving as a birthday gift was being paid into an IVA or IPA, would they really still give it?
I agree as well. Birthday and Christmas gift money I would never tell the IP about. It is a gift as far as I am concerned, and is mine to spend as I wish. Similarly, if I am given vouchers I wouldn't declare them. It's not as though I can turn them into cash.
I do agree that a lottery win or inheritance should be declared, but the odd £50 I get in vouchers I won't be declaring.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Melanie please help me out here. Both my and my wifes nans died within 4 weeks of each other.The houses and money have been left to my mum and also my father in law. They have said once the sale of the houses go through they want to give us money. We are talking of alot of money possibly £60,000+
Now to me this is classed as a windfall but also its classed as a gift, there is no difference. If i paid the £60,000 into my bank account the IVA people will ask questions surely?
If i have to declare it id be better saying to my mum and father in law can they give us £1000 a month over 5 years and out of that we will buy food petrol etc and save the money in our accounts and transfer it to savings. If i paid the money straight into savings account/premium bonds when i have my yearly reviews would they ask for statements for savings/premium bonds?
This IVA lark is pretty confusing what we can and cannot keep
