Hi everyone, Ive recently had to have a new caras my old one packed up! The money for the car £1250 was given to me by grandparents, do I need to advise the iva company ???
If your grandparents have paid for your car this won't be a problem.
How nice of them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Carl -- there is a fine line here ..... if your grandparents gave you CASH to go buy a car, this should have been declared and paid into your IVA as a windfall. However, read carefully ..... if they gave you a CAR as a gift, then there is no problem.
You are lucky to have generous grandparents, buying you a car
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would have though that even if they gave cash it would be classed as a gift as it was to buy a car.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Think it would depend on what view the IP took, Jan. Best not to skate on thin ice.
As we have seen recently, some IP's take a sensible line, whilst others are stubbornly unhelpful. Still, not an issue here, because they bought the car
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would still say that it would be classed as a gift. Some people have been given money for a specific purpose (holiday, household items) and this has not been classed as a windfall.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
But surely the same principle applies as when money is given for a F & F - if the money is expressly for that purpose then it's not a windfall. Presumably in this case the grandparents wouldn't have given money if they thought it was going to be paid into the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
My parents gave me money for four new tyres - that's exactly what I used it for and I didn't tell my IP.
It is a gift, not a windfall.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Is money given for a F&F ? Or is it actually paid to the IVA direct from the third parties account?
TBH we could go round and round in circles with this one and I think, at the end of the day, how it would be treated falls to the individual IP concerned.
Personally I would ask for the car, not the cash to buy one .... just in case
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have no idea if there is a limit on the amount of money you are allowed to accept as a 'gift' before it then becomes a windfall.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
