declaring or delaying lump sum

[fatboy]

I AM ON THE VERGE OF APPLYING FOR AN IVA DUE TO MONTHLY OUTGOINGS SPIRALLING.BUT IN A FEW WEEKS TIME AM EXPECTING A LUMP SUM OF 15,000 HOW DO I GO ABOUT DECLARING OR DELAYING RECEIPT OF THIS TILL AFTER MY APPLICATION?

[johnpaul]

hi there fatboy and welcome to the forum can you tell us a bit more about you debts and how many creditors you have and whats the total amount owing

JOHNPAUL

[Skippy]

Hi Fatboy and welcome to the forum. If you are entering an IVA the lump sum will need to be declared to your IP. We cannot give you advice on delaying the receipt of the money, but if you can post details of your debts - creditors, amounts owed etc - one of the experts will be able to advise you of your options.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[scaredkez]

skippy is right fatboy, if you are coming into money and wish to propose an iva, they will want it to use towards your debts outstanding, how much are your debts is it possible that the £15k could be used as an offer of a full and final settlement?
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

This will need to be disclosed as an asset, whether you have received the cash or not, on your statement of affairs, and probably handed over to creditors as part of your offer.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jpj]

Delaying reciept of the money till after your application would make no difference..it would have to be delayed for 5 years!!! and i doubt that is going to happen

[BrassicLintus]

There's no hiding any money whilst in an IVA or BR!!!! The IP or OR will request bank statements (in my BR I had to provide the last years worth of statements and the OR questioned certain receipts and payments!!!) Anyway if you enter into an IVA, your IP will carry out regular reviews, so the money will show up sooner or later!! I know you probably want to keep this lump sum but you are under obligation to pay your creditors back as much as possible - is there any way that the 15K could be offered as a full and final settlement to them? How much do you owe in total?