What happens if I don't tell the IP that I have received a windfall

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No.w

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Post by No.w » Mon Sep 21, 2015 2:17 pm
what happens if I don't tell the IP that I have received a windfall, and cash a cheque without declaring it?
 
 

kallis3

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Post by kallis3 » Mon Sep 21, 2015 2:19 pm
Hi and welcome,

Depending upon how much the windfall is for (usually £500 or less is ok but you need to check your paperwork) then you will be in breach of your IVA and it may well fail.
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
 
 

Michael Peoples

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Post by Michael Peoples » Mon Sep 21, 2015 2:41 pm
Your IP will need to notify creditors and they may seek a bankruptcy order against you. If it was substantial and deliberate you could even face criminal sanction so always declare any windfalls.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

thisusernameistaken

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Post by thisusernameistaken » Mon Sep 21, 2015 3:56 pm
Yeah, ABSOLUTELY this - don't lie and break the legally-binding agreement you signed up to No.w.

Your creditors are doing you a favour writing off a chunk of debt so play by the rules. If you're finding you're struggling for money month-to-month then speak with your IP about it as there may be adjustments they can make within the arrangement to help you.

Lying to them and your creditors will see you in a world of aggro you really don't want!
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