www.iva.co.uk

Do my winnings of 1,800 have to be declared to my IVA company ? The money paid directly into my bank account.

This sounds like a windfall and as such should be declared. It is likely that you will havce to pay over all the money but if you need some for a specific reason your IP may call a variation to allow this.

If you do not declare this money you could put your IVA at risk and even face criminal sanction.

Hi. Yes, winnings do have to be declared and will need to be paid in.

Hi

Just to confirm that usually it will be viewed as a windfall by your IP and at least 50% payable into your IVA

Check with your IP

Regards

Sadly yes... Especially before xmas!

You may get to keep 50% depending on your IVA terms.

The spirit of the IVA is to repay all you can, anything left gets written off... so in keeping with that spirit wins must be declared.

hoping you can retain 50% then at least you'll have a share to do as you wish with.

It does seem there's a certain ambiguity to how windfalls are treated vs. additional income.

For example, this month I earned over £2k in commission and under the 10/50-50 rule I'll be able to keep what will probably be just under a grand after tax and NI. But if I'd had a £2k windfall, it's possible the whole amount could be taken into the IVA?

I've never had a windfall so never had to find out but it does seem strange that some money you can keep a chunk and others you can't?

A windfall is seen as something you were not expecting and, basically, did nothing to get. Therefore it is seen as fair game to take it all as it is usually a once in an IVA occurrence.

10/50/50, however, covers money you have earned and, as you have worked for it, you deserve a share. This will also encourage you to do it again and again, therefore benefitting creditors throughout the IVA term.

Is it horse racing winnings? You lay the stake out so makes it a risk not worth taking if you cant keep if you win big. May as well keep the sake :-/