parents financial gifts?

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zarron

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Post by zarron » Tue Jan 05, 2010 7:37 pm
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i have a windfall clause in my IVA which states i must declare all amounts i receive over £500 to my ISP. on that basis i earned about £200 in overtime a month for a year or so and was allowed to keep it all and didnt need to hand over 50%

now my mother wishes to start giving me monthly financial gifts for a savings account (from £100 to £200). can i keep this money and not have to declare it to my ISP in the same way i didnt have too with my overtime?

thanks
Last edited by zarron on Tue Jan 05, 2010 7:39 pm, edited 1 time in total.
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kallis3

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Post by kallis3 » Tue Jan 05, 2010 7:45 pm
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Hi Zarron, hope you are well.

Not sure what happens with a monthly cash gift from parents.

Hopefully one of the experts will be along to help shortly.
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
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MelanieGiles

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Post by MelanieGiles » Tue Jan 05, 2010 8:06 pm
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Your Mum would be better off putting the money into a Trust Fund or even into an account in her own name. However as the terms of your agreement state that you only have to declare monies in excess of £500, then you may have grounds to hang on to it. Check with your own IP to be sure as to how they would view this.
Regards, Melanie Giles, Insolvency Practitioner
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zarron

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Post by zarron » Tue Jan 05, 2010 8:27 pm
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thanks i will do
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