3 months into my IVA, all going ok so far. I've moved in with my dad for the time being, but at some point I would like to move in with my girlfriend. I'm due to receive the deposit from the flat I recently moved from. I would like to put the deposit to one side where I can use it at a later date to contribute towards any deposit etc on a shared rental. My question is, does this deposit return of £425 constitute a windfall? I'm not sure about this, as it's not new windfall money, but instead it is old money returned to me. Will I have to give it all up? I'll be gutted if that's the case, but there's not much I can do about that.
I know very little about all this (someone will correct me I'm sure) but I think only sums over £500 count as windfalls? I hope that's true and you get to keep it!
It is normally windafalls over £500 but Ian would need to check with his IP. Keeping the deposit for moving somewhere else is reasonable anyway so unlikely to be deemed a windfall.
Windfalls versus gifts is not that simple either. A windfall is effectively an unexpected bonus such as an inheritance or lottery win. A gift such as a Christmas or wedding present is usually a chattel and therefore exempt from the IVA OR bankruptcy proceedings. However, if a relative gave you a substantial sum of money this would constitute a windfall and be captured under the IVA.
It is all relative. If a friend gave you a print of a Van Gogh to hang on your wall it would be a gift. If they gave you an original it would be a windfall.
