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bigtrouble

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Post by bigtrouble » Mon Jul 12, 2010 1:54 pm
I wonder if anyone can give me some advice. My husband and I have just returned our signed proposal and now await a date for our creditor's meeting. Very unexpectedly a relative has just said they would like us to have £2k which doesn't need to be paid back as they can see how much we have been struggling. However, at this stage they know nothing about the IVA. Where do we stand on being able to accept this money (which could be spent on a million and one things like car repairs, kids stuff and work clothes or just saved). As we have not yet had our IVA accepted or rejected where do we stand? I am very touched by the gift but would not want to breach any of the rules!
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kallis3

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Post by kallis3 » Mon Jul 12, 2010 1:57 pm
I think, and I hope I'm right here, that as it is a gift, you will be ok.

Hopefully one of the experts can confirm or correct me?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

missy80

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Post by missy80 » Mon Jul 12, 2010 2:04 pm
That's really nice of them!

I thought anything over £500 counts as a windfall (but I may be totally wrong) Could they give you money in installments of £500? I realise this makes it harder to not tell them about the IVA
 
 

jtomo64

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Post by jtomo64 » Mon Jul 12, 2010 2:06 pm
Hopefully one of the experts will be along to advise, but I would have thought that if you received the gift before the commencement of the IVA then it would effectively become capital/saviings, and would need to be declared, thus more than likely payable towards your total debt.

kallis3. As this gift is unexpected, would it not fall into the category of a windfall if received after the start of the IVA?
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 12, 2010 2:07 pm
If it is a gift - take it thankfully as it will give you a good start with the IVA.

If it is a loan - then this should be included into the IVA if the money is provided to you prior to the creditors meeting. If after - then don't take it as you are not allowed credit without your supervisor's permission.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Mon Jul 12, 2010 2:21 pm
Thanks Mel, thought I was right with that one.

A gift is totally different to a windfall.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

bigtrouble

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Post by bigtrouble » Mon Jul 12, 2010 5:55 pm
Thanks all. I know it is an amazing gesture which I am quite taken aback by to be honest! Melanie - would I be wise to tell my IP firm about this to double check that they view it as a gift?
 
 

kallis3

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Post by kallis3 » Mon Jul 12, 2010 6:00 pm
Personally, I wouldn't have thought so.

It is a gift, not a windfall.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MrsKnight

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Post by MrsKnight » Mon Jul 12, 2010 6:21 pm
I think its wonderful & a gift is actually a present. I think alot of us in an IVA get pennies for birthdays n chrstmas to go buy ourselves something.
A windfall for example: inheritance, a win on the lottery or bingo.

Plus if you chose to save your Gift - it would help you during your IVA with the unexpected, therefore benefiting your creditors in being able to keep up with repayments, when the unexpected arises.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 12, 2010 9:46 pm
There is no harm in telling them - but do make sure that you fully explain the circumstances of the gift to them.
Regards, Melanie Giles, Insolvency Practitioner
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