Gift is considered windfall?

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Livx
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by Livx » Fri Aug 04, 2017 4:56 am
Hi, I'm 12 months into my Iva of £6500. I have potentially been offered a gift from my grandmother which is to help me out financially. Whilst she is unaware of my iva, am I allowed to accept this gift and use it to pay the remainder of my Iva as full and final to end it, or will it be seen as a windfall?
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Foggy
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by Foggy » Fri Aug 04, 2017 6:15 am
You are allowed to accept modest gifts. However, it might prove problematical if the gift is of sufficient magnitude to fund a F&F offer ----- it would be far better if the money was used directky by your grandmother to fund the offer and doesn't hit your own bank account on the way.

When you say "IVA of £6,500", I assume you mean your projected payments, over the 5 years is £6,500, so paying around £108 a month. If this is the case you have around £5,200 left to pay (assuming no changes to payment and that you have no equity to consider). So an offer in the region of £4,000 -- £4,500 might suffice.
Livx
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by Livx » Fri Aug 04, 2017 6:44 am
Thank you for your reply. Yes that is correct.
Unfortunately I'm unable to tell her about the Iva. The money is to eventually be put towards a house deposit as she has done with the other grandchildren so would be just in the form of a cheque payable to me.
I'm not even sure if it is definite yet, just checking the formalities and also don't want to breach my iva but if I can clear the iva early using it, i will do so.
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luluj
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by luluj » Fri Aug 04, 2017 5:21 pm
If you receive it as a lump sum all would become payable to your iva towards paying off your original debt plus IP fees and possible statutory interest.

Ideally you need this to be held for you until after your iva concludes fully or used to drip feed smaller 'gifts' to support you whilst in the iva ie a werks shopping, a few clothes there etc.
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Rickne
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by Rickne » Sat Aug 05, 2017 9:59 pm
yep just have it sit in a trusted family members account untill the dust settles ..so to speak . ;)
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