gifts of money

[Til]

thanks James [:)]
Ironically it is a possibility for us in the future!
And the equity release is ahead of us too anyway

Sods law if it does happen it will be during IVA rather than before!!
Never thought I would fret about someone giving us large amounts of cash ha ha!!

[Til]

Thanks David [:)]
If it does happen we will certainly have to take some serious advice before accepting.
Never thought I would be sat here hoping it doesn't happen until after 69 more months!!
Thanks for advice

[james.c]

if that money is their in future go for a f and f then you dont have to worry about getting a pay rise then having to give it up

[Til]

I agree James - just hope if it does happen that we are given carte blanch to do with it as we please and I would be straight in there with an F&F [:)]

[David Mond]

Yes an F&F would be sensible. Hope it comes soon for you.

[elldina]

i have a question about this too
my grandmother died over 2 years ago but there have been legal problems with the executor not doing his job regarding willand living in my grandmothers house and using her name to keep utilities etc even though house is to be sold and the case is going to court now
i am not mentioned in will but my father is and he has said that he would give us a gift of money when he finally gets his inheritance would it have to be handed over or would it be ours? obviously if large sum i would look at doing a f and f but say it was £5000 to be shared between me and to put money in account for my 2 children would it be safe or better for me to ask him to give seperate amounts so can put directly into childrens accounts and how much would we be able to keep
elldina

[kallis3]

I would say that it is a gift. You are not a beneficiary under the will, and your father will be gifting you some money.

If that is the case, I think you would be ok to keep it.

[elldina]

well its probably a long long way off as my father and his sister have only just instructed a solicitor to sort it all out as its their brother who's the excecutor and he has lied to them and not allowed them access to will and house and he was still claiming my grans private pension but my father has got that part sorted
elldina

[kallis3]

What is it that always brings out the worst in people with family bereavements?

I'm thankful I'm an only child, I won't have that problem. I do sympathise though, my husband had the same trouble when one of his brothers died and it took a long time to sort stuff out.

[MelanieGiles]

We have had similar problems in my family over this, and it is so sad that the loss of a much loved grandparent brings such sorrow.

In any case, a gift is a gift and in no way would your father's generosity be deemed to be a windfall.

[elldina]

hi all thanks for your replies
it is very sad and i know my gran would be so upset with this uncle who got her to change her will 2 weeks before she died which is another story i won't go into
but its nice to know a gift from my dad will not be taken and hope will be able to do a fand f when we eventually do recieve elldina

[orchid5]

so if you were very lucky to win say £50,000 on the loto, (some hope, ha!) and your orginal debt was £32000, would all that money go to the IVA? What would happen to the remainder of the term of the IVA as surely this would cover the debt? especially if say like me you had been paying into it for over 15 months?

I so wish this was happening literally instead of it being hyperthetical!!!!!!!


15 down, 45 to go

[pixie]

If you won enough to cover the original debt, ip fees and statutory interest it would end your iva. Anything left over would be yours to keep. I just wish they would pull the right numbers out for once, you'd think after all this time they'd be able to get it right........!!

[David Mond]

IP's fees could be re-negotiated but there is no statutory interest

[MelanieGiles]

You would need to check the proposal with reference to statutory interest. A lot of IVAs actually do provide for this to be paid in the event of windfalls.