is a gift of money from my family a windfall?

[d73]

if i recieve a gift of money from my family in Australia and it is credited into my bank account do i have to pay some to iva handler im currently suppossed to give them 50% of windfalls

[ray_a]

Windfalls are a difficult area and basically you need to refer to your IVA agreement.

Obviously you need to determine how much you receive and how much debt you went into.

You must remember that IVA's are flexible arrangements and they are there to get as much money to repay your creditors! You also may have to expect that you could potentially be liable to statutory interest.

If you are worried about this you are very welcome to provide us more information so we can help you which we would be more than happy to do so.

Something like a family gift can sometimes be for someone in an IVA be a real nightmare which is a real shame!

Sorry to be the bearer of the bad news but is best to be prepared!

Good Luck

[Adam Davies]

Hi
A gift is not a windfall and is yours to keep and spend as you wish.
Inheritance,lottery wins etc are classed as windfalls but not a gift from a relative.
Speak with your IP to be sure,if they say that it is a windfall I'll eat my laptop.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[olympic_torch]

Andy.
Does the laptop come with chips?

Ta Da


Aucto Splendore Resurgo.
(7 down, 53 to go)

[doaxb468]

Aye,
You can keep your gifts,as it is not mentioned in any IVA mods. But winfalls you certainly wouldn't be able to keep all of it.

[Maz]

I am so pleased to hear this. As it's coming up to Xmas soon my family usually gives me some money to help out as they are aware of my stuggles financially.