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.
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!
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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??
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....
