money as present for xmas

[rochelle123]

hi, i know somthing similar has been asked on here before but cant find it.

i think my lovely family will be giving me money as a gift this xmas as they know all about what im going through- i plan to put it in savings as my fall back fund but is there a limit to what they can give me before its a windfall and do you have to have anything formal eg letter saying they are giving you a gift etc? x

[kallis3]

You are allowed to have money gifted to you. I imagine that as long as it isn't thousands you would be ok. Don't think you have to inform anyone either.

[jane.l]

my Dad gave me some money last Christmas whilst I was bankrupt, I did not think to declare it, oops

[kallis3]

I'm pretty sure there isn't a problem with monetary gifts, unless it was a lot of money.

We all have money at birthdays and Christmas.

[Skippy]

I wouldn't worry about it Jane - I was given money last Christmas as well and I didn't declare it either [:I]

[liberta]

A gift is technically a windfall - Your proposals should state the minimum amount of the gift which would have to be declared. £500 is the norm.

Even so, I don't think that any of my clients have rang me to tell me what they got for Christmas or their birthdays and quite frankly I would not really expect them to. What is the difference between getting say a new dress or the money to buy one with? And where would you draw the limit - a box of chocolates?

Enjoy your Christmas gifts and do not feel guilty about them.

[MelanieGiles]

I'll beg to differ on that one. Gifts are not windfalls in my opinion, and therefore require no declaration to an IP either under bankrutpcy or IVA proceedings - although you may need to provide evidence of the gift if questioned at any time.

Your proposal, however, should make it clear how gifts are to be treated, so that both debtor and creditors understand what is intended.

[liberta]

A windfall is an unexpected profit or gain, and I believe that a gift is also an unexpected gain. However as I have stated I would not expect a person in an IVA or in bankruptcy to declare a birthday or christmas present. I think it is really a case of being realistic and reasonable.

[kalla]

Its a moot point I say as no one would officially declare the gift or windfall even if it was 1K or 10K. Sorry, but no one will sensibly called their IP on this....and unless you put it in your bank account and I don't think anyone will know.You can't enforce everthing to the rule of the letter.

[freelili]

I guess most people want to be as honest as they can, within reason so many will ask the question and then decide what they want to do. Many wouldnt be able to enjoy the money if they felt they shouldnt keep it, I guess it depends on which way your clock ticks.

If youre in someones will you have to declare it if youre BR and its illegal for the executer to then pass money directly to you.

[Skippy]

It comes down to morals Kalla. The majority of people in IVAs want to repay as much as they can.

[kallis3]

I agree totally with Skippy and Lily. I wouldn't be happy knowing I was deceiving people.

I don't think you should tar everyone with the same brush Kalla.

[Shining]

I would declare it, I probably bother my IP with too much information but it's better to be safe now than sorry later.

[MelanieGiles]

Not at all - but I don't believe that gifts are windfalls Lesley, so you enjoy your Christmas pressies without needing to share that with me!

[rochelle123]

i would want to put it in my savings account for rainy days and emergencies lol. so as a general rule if i received upto £500 i wouldnt need to declare it and would be ok to put it in bank? if it needed top be proved where it came from how would you do this? is there a form? thanks