www.iva.co.uk

i have a windfall clause in my IVA which states i must declare all amounts i receive over £500 to my ISP. on that basis i earned about £200 in overtime a month for a year or so and was allowed to keep it all and didnt need to hand over 50%

now my mother wishes to start giving me monthly financial gifts for a savings account (from £100 to £200). can i keep this money and not have to declare it to my ISP in the same way i didnt have too with my overtime?

thanks

Hi Zarron, hope you are well.

Not sure what happens with a monthly cash gift from parents.

Hopefully one of the experts will be along to help shortly.

Your Mum would be better off putting the money into a Trust Fund or even into an account in her own name. However as the terms of your agreement state that you only have to declare monies in excess of £500, then you may have grounds to hang on to it. Check with your own IP to be sure as to how they would view this.

thanks i will do