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Posted: Wed Jul 31, 2013 11:45 pm
by purple princess
can you help entered into an IVA may 2013 we have just received tax credit rebate of 2000 for 2012/2013 is this classed as a winfall or money owed cos wasn't in receipt of the correct amount of tax credits for last year
Posted: Thu Aug 01, 2013 12:15 am
by harrysmummy78
Hi purple princess,unfortunately I would think this would be classed as a windfall as your iva payments are based on your disposeable income and tax credits are classed as income if you had of been paid correctly last year your iva payment would of been higher to start with,i would check with your ip though as they may allow you to retain some of it.
Posted: Thu Aug 01, 2013 1:26 am
by MelanieGiles
I would say that it is an asset rather than a windfall, as your right to receive the money existed at the time you entered into your IVA. Whether an asset or a windfall, I guess you will be obliged to hand over the money to your IP for the benefit of your creditors.