Gift from a family member

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Post by karen575 » Sun Jun 24, 2018 2:13 am

My mum put 2 amounts in my bank account one of 1000 and 700 as was having lots of problems with my car and also I had to pay back some housing benefit overpayment and to buy new clothes etc for my son. As this was a gift I didn't think I needed to tell my ip.

After reading up on iva should I now tell them ?

Bit worried as now on the verge of moving in with a partner and worried that if my iva fails it's going to cause him problems as he need to remortgage next year.

Any help would be appreciated


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Post by Foggy » Sun Jun 24, 2018 8:44 am
Modest family gifts are usually OK as long as you can provide evidence of the source if questioned. Chances are it won't be noticed. In the future I would ask that your mum settles anything like this direct or in cash.

When you move in with your partner treat it as though you are house sharing and you are paying your share of expenses as a lodger. Do not enter into any joint finances at all until the IVA has been completed and cleared from your financial records.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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