Windfalls gifts etc

[n_b]

Hello,

This may seem like a stupid question but gifts have to be declared to Ip's is this just money or do you have to declare other things ?? Lottery wins if you where to win £10 does that count??? I know this seems silly to ask but just want to make sure I know all the answers

Thanks Nicki x

[catullus]

There's no correct answer to this, it's all about materiality to the IVA. If you have an unexpected enrichment for whatever reason that is significant in the context of the IVA you should tell your supervisor, but he certaainly won't want to know what you got for Christmas unless you have VERY generous friends!!!!

[hara]

what does your proposal say?

In my case it says all wind fall have to be declared , further down it says that any wind fall of over 500 pounds have to be handed over immediately to supervisor.

I phoned and asked if it is only over 500 that needs to be declared and handed over and any thing less than that need not be declared and I was told yes.

I am going write them of this conversation and make ir an official clarification.

hara.

[Oliver]

This sounds like the normal agreement used within IVAs.

All windfalls should be disclosed but windfalls under £500 are likely to be able to be kept by you.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva_squirrel]

Hi n_b,

I think any windfall has to be declared to your supervisor but i'm not sure if amounts as small as £10 have to be paid into the IVA.
What does your agreement say?

Regards,
Michelle P.

[Skippy]

I made sure I got cash from everyone for Christmas!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
I won several incentives at work last year resulting in about £1100 of travel vouchers.I had to pay tax on these and this reduced my net income,however somehow I still managed to pay my IVA.
Question is how would this be dealt with by an IP if I was unable to pay my IVA because of the reduced net income ? And how does an IP deal with vouchers as a bonus instead of cash ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[catullus]

I don't know the answer to that one Andy. In that situation an IP needs to look at a strict interpretation of the proposal and if in doubt seek legal advice. Obviously materiality is an issue before he goes off racking up legal expenses.
In practice, I think that I might say that they didn't fall in to the IVA particularly if they didn't have a cash value or weren't transferable but I might suggest to you that you should pay the extra tax in to the IVA over a period of time.
I'm sure other IP's would have a different policy but that's where it is sometimes an art not a science!!

[Oliver]

I would say that you would be able to keep the vouchers and would have to make up for any reduction in payments at the end of the IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp