www.iva.co.uk

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 ???

Hi Carl,

If your grandparents have paid for your car this won't be a problem.

How nice of them.

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

I would have though that even if they gave cash it would be classed as a gift as it was to buy a car.

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

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.

It's a gift surely ! Grandparents bought the car as a gift - albeit it the cash was given to her to go and physically buy it.

If the grandparents gave the money expressly to buy a car then surely it's a gift and I don't see that it's a problem.

Be interesting to see what any of our experts make of this

I'm with Foggy. There was a similar thread a couple of weeks ago. Strictly speaking, a car is a gift and money is a windfall.

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.

I totally agree with Skippy.

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.

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

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.