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Posted: Mon Sep 21, 2015 2:17 pm
by No.w
what happens if I don't tell the IP that I have received a windfall, and cash a cheque without declaring it?
Posted: Mon Sep 21, 2015 2:19 pm
by kallis3
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.
Posted: Mon Sep 21, 2015 2:41 pm
by Michael Peoples
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.
Posted: Mon Sep 21, 2015 3:56 pm
by thisusernameistaken
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!