Doesn't seem right to me as well. Who told you that? Besides which you are only allowed to keep £499 -£500 and above goes to the 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
It depends on the whole picture. In theory, say you won £400 on the horses ... you keep it. And tomorrow, you win £450 on a scratch card .... you keep it. The day after Aunt Mabel passes and leaves you £200 ... you keep it. BUT if you won £2000 on the gee-gees and the bookie said he would give it to you in £499 portions, that would be trying to cheat the system and you would need to pay the £2k over to the IVA.
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