www.iva.co.uk

I have 18 parents left on my IVA at £130 per month.

I am a full time student, due to graduate next month.

I do not yet have a job lined up.

However my mother wanted to gift me £1500 as a graduation gift (she is unaware of my IVA).

I am aware that any windfall like this needs to be paid into my IVA.
2 questions I have:
Firstly, is it possible to offer the £1500 as a F&F payment on the IVA given I will have no employment or income come January? Or am I disadvantage myself as the creditors can still request the money and turn down my F&F. I do not wish to inform my mum about the IVA for personnel reasons. Do I have any options here?

Secondly my mum has offered to book me and my children a holiday for next summer instead of the gift of money. If I can't work out a way of putting the money towards a F&F offer without my mum knowing, is it ok for my mum to book me a holiday instead of giving me money? We've not been away since before the IVA and if I can't use the money for F&F this would be a nice alternative.

Although I don't yet have work for January, I am sure I find work easily so am not concerned about my ability to make payments into my IVA if I don't accept the money for my mum.
I just wondered if the fact I've yet to gain employment and can make this offer might help my request for a F&F payment?

When offering a f&f creditors will want to know where the money has come from and may seek confirmation from that person direct. The fact you have managed this so well whilst studying is a credit to you.

How do you intend to fund your monthly iva payment from January if no f&f is agreed or no employment is found? Fingers crossed you will but just think about the if not ..

How have you been funding it until now as a full time student ?

I think if it were me I would either explain all to my mum or accept the gift of a holiday for next summer

Irrespective the cash offer is a gift - not a windfall.

You could use the gift to make your payments over the next few months or take the holiday.

I have a feeling your mom will know how tough things have been.

Speak to your IP and explain the situation. The IP can call an immediate variation before the money is paid to you and use those funds for a full and final settlement. If in the unlikely event creditors reject ask your mum to pay for the holiday itself. This way there is no issue of the money hitting your account and being deemed a windfall.

If mum gave the money as 3 x £500 (or £499 depending on what wording in agreement says) over a period of time would that avoid windfall clause ? e.g. each month. reason when asked, "my mum was helping us out".

18 x £130 = 2340, vs the £1500. Perhaps the offer requesting F&F with this payment coupled with an explanation that you will have no income from graduation so there is a high chance of failure otherwise ?

You could offer £1,500 in full and final against the £2,340. Given that your income has stopped and you won't be able to make the payments anymore this is an attractive offer as the alternative is you creditors won't get any future payments and your IVA could fail but I'm afraid you will need to be up front with your mum to use her funds in settlement.