Hello all, looking for help, advice...
My grandma wishes to gift me almost £13,000. At the end of January this year I signed for my IVA and the first payment is getting sent over on the 15th February. None of my family know about my IVA and I am embarrassed that I have ended up in one, I don't want them to find out either because they would all be so disappointed in me. If I get the £13,000 sent to my current account, will this be classed as a gift and will I have to declare it to my IVA company? Can I get it paid into a separate savings account and not let the IP know about this gift? Would it be best to have it paid in to one of my mums accounts and ask her to keep it safe until I need the money (She will have the money for 6 years until the IVA is over). Really don't know what to do for the best, please help!
Hi just my opinion.
If it goes into your account as far as I am aware it will be classed as a windfall and deducted accordingly.
Do not open a second account and not tell the IVA this is fraud and could amount to the IVA being invalid.
If the gift is given to your mum that is between your mum and grandmother, now if your mum wants to give you a gift of less than 500 pounds every now and again to cover emergencies that may arise, the windfall clause would not come into operation.
I know some people may not agree with the last option but 5 years in an IVA is a long time, I am not on about buying fancy items or going mad.
2 Times during my IVA my jobs finished I was left with no alternative but to take payment breaks prolonging the finish, while me and family survived on next to nothing.
I am on about saving it for emergencies and cover unforeseen shortfalls.
Although I agree with foggy that mums bank account is safer, my heart says be honest and inform your IP, use the money to pay off some / all of your original debt so that your iva concludes earlier once 10o% of original debt and IP fees are reached.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !