www.iva.co.uk

Hi All,
My uncle has offered to gift us some money for a f&f payment. I am grateful beyond belief for his offer.

What do I do now? Do I make an initial contact with my iva provider to let them know? Do I get the house valued and a mortgage redemption first?

More importantly, what 'proof' does he need to give that he has the money? He will definitely be willing to write a letter to support his offer but I don't think he will be happy if he needs to provide a bank statement. And I fully understand and respect this.

Thank you in advance.
Nmc

I think for money laundering legal purposes he needs to prove where the money is coming from.

Get a valuation so you know if you would be looking at equity yhen call IP.

Hi,

I think all he needs to do is provide a letter stating that he has this money and that it is only available for the full and final.

I don't remember having to provide a bank statement for mine.

Hi

As others have said the IP will have to ask questions to satisfy money laundering rules, showing where funds are coming from will be one of them as well as ID checks

Contact your IP with the offer, stating it will only be available if used to conclude your IVA

Good Luck

Regards

Hi NMC,

For our full and final I had to email a signed letter from my 3rd party (Dad!) to say that he was offering the payment as a full and final to conclude the iva in full. I was also asked to email over proof of funds, so in my case it was going to be a loan he took out, so emailed in the accepted loan documents, but in the end he transferred the funds from one of his bank accounts he has, so I just sent a statement in showing these funds in that account all ready for transfer. I asked I. He could 'black out' some of the key details ie bank account number and other details that were irrelevant, which was fine as they just needed to see his bank name, his name, the dates and the funds.

What a nice Uncle you have! It's also to make sure you haven't stashed away some cash that you haven't disclosed. If he had to provide a bank statement he could ink out any entries he didn't want them to see but just prove he has the funds to be able to make the offer. To know how much offer to make you need to verify the equity position in your home so agree you should establish this first.

I don't see why an IP would need to see the bank statements for any money laundering reasons. Provided the money is transferred from one bank account to ours or is paid by cheque/debit card then there is no problem.

The fact that the money is already in a bank account means it has passed money laundering checks in the first place so we would really only have a problem if he sent in a bag of cash!