Gift from brother

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tina375

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Post by tina375 » Mon Feb 03, 2020 9:55 pm
My brother was sole beneficiary of my late estranged mothers will. He gifted me £40,000 as he knew I was in financial trouble. Do I need to declare to my iva company

kallis3

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Post by kallis3 » Mon Feb 03, 2020 10:04 pm
Yes you do - could he offer you some money to make a full and final offer for your IVA?
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

Foggy

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Post by Foggy » Tue Feb 04, 2020 7:47 am
A gift of that nature would, most likely, be pulled into the IVA as a windfall. It would be better, if not too late, that he withdraws the gift ( and holds it for you for later). Maybe he could help you to make a full and final offer to close your IVA ---- basically your outstanding payments in a lump sum, which he can gift to you for the F&F only. He will have to pay the IP directly after the offer has been accepted... NOT give it to you to pay.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 04, 2020 9:14 am
How kind of your bother!

The monies will have to be paid over into the IVA if the gift has already taken place.Has he already given you the funds?

As Foggy suggests you will likely be better off putting forward a F&F offer instead.

See my short video here for a summary:

https://youtu.be/h4dozq9aGak
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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