www.iva.co.uk

Morning everyone. Our son has had a modest windfall and has said that he wishes to give us £5000!(he is unaware of our IVA). Can we accept such a gift and pay his cheque into our bank account and use the money for home repairs/change of car without our I/P 'chasing' us at some in the future? Many thanks

Wow lucky you and what a lovely son you have. I know birthday/christmas gifts are fine and I've been gifted a holiday within the IVA.

I'm unsure of amount and indeed there may not be a cap on the amount of a gift. If you hang in there one of our more knowledgeable posters will be along soon with some great advice.

Hi,

Nice news but id be careful here as will that not be classed as a windfall? Surely as soon as that money hits your bank account the IP will want their share?

I know its 10 50/50 on bonuses but not certain on gifts

Good luck sorting it out

Geoff

Why not advise your son of he IVA and he could make a full and final offer? If the money is paid to you it could constitute a windfall so you need to be careful. If you do not want him to know you could get him to pay the bills himself directly and the money would then not reach your account.

Thanks Michael......I think £5k would be well short of an acceptable F & F.......going to have to give the matter serious consideration and decide what is best for us (and him!)

can he give it to you in cash ? does that break rules ? would not show up in bank ?

It's still money given to you rather than him paying for any necessary repairs.

I wouldn't want £5k hanging round in the house either - be too frightened of being burgled.

I would get him to keep it in his name and give you treats e.g pay for a holiday or meals out etc.. I believe if a third party wants to pay for treats then this is perfectly above board...

Does anyone know what would happen if their son paid their bills for a while and they saved the money they would have spent?? From previous discussions on the forum I have been told that it is perfectly acceptable to make savings from your annual budget and keep them for one of repairs / emergencies etc..

Another thought how would it stand if he purchased something like premium bonds and held them in his name then at the end of the IVA just gave them over as a present??

Be nothing to stop him I supposed but I don't know if bonds are transferable. Might be that they have to be cashed in and then bought again.

There is nothing to stop families from paying for things for you - I've been on a couple of holidays funded by families.

I don't agree that the money ought to be treated as a windfall. If your son makes it clear that this money is being given to you for a specific purpose, then it should be held in trust for him until that purpose has been satisfied - but a good idea of Michael's to see if it could be used to effect a full and final settlement.

Thank you Melanie and Michael......I think I will ask him to hang on to the money and then look to try for a F & F in 6/9 months time. Thanks to all for the replies.....we are gradually edging toward the end!!!

A sensible reply from a fab IP! Hope you get to enjoy your money in due course whether it be to fund a F&F or a treat...enjoy and what a lovely son you have. x