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Our three daughters each have £1000 in premium bonds left to them last year by a relative. The bonds are in both their own and my names jointly as the girls are all under 18. Two questions...a) Do we have to cash them in to contribute towards the debt as part of an IVA? Or would they be allowed to keep them? b) If they are allowed to keep them, should they win any monies, is that theirs to keep also, or is that then declared as a windfall for the creditors to have?
Thanks
Helhan

Hi Helhan

I suggest that you declare the bonds within your IVA proposal, but seek to exclude them as they are being held in trust for your daughters. The windfall issue can also be dealt with within the proposal - make sure the IP you are using covers this within the windfall provisions - ie that any win is not deemed to be captured under the terms of the arrangement.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk