My mother has ccontacted me to say she has put money into my bank account for my grown up children anc can I please make the payments to them. She doesn't know about my IVA and has done this sort of thing in the past (pre-IVA)to help with University costs etc and because she can afford to do this. Is this OK - it's not my money - and I really don't want to tell her about the IVA! I'll contact my IP but in the meantime - any advice?
Obviously its a good idea to inform your IP but its a gift and therefore its your money, to give to your children. Its really lovely that your Mom wants to help your children in this way.
If your mother has made a gift to your children I do not see a problem. You should pass that money onto them.
Your IP will probably question the money going into and out of your account to ensure that it was not a windfall or additional earnings etc if he or she asks to see copies of your bank statements at review time. It is therefore probably best to let him or her know where the money came from and where it went to before he or she asks.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Not all IPs ask for bank statements at annual review stage, so this may not be picked up in any case. I also share Elizabeth's view that the money belongs to your children, so you should worry no further.
