Income that isn't income.

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Crumlin
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by Crumlin » Mon Jul 02, 2018 2:24 pm
I've recently had my IVA approved, so just wanted to say thanks for all the useful posts on this forum. Haven't had the need to post until now, just proves how good the advise is on here. I've got one query re. incoming funds into my account that aren't for my personal gain. Have asked the powers that be and waiting on a response, just wondered what your opinions were. I'm just wondering how they'd been seen in the eyes of the IVA and the max income limit I'm meant to have per month.

Example 1: My wife sends me half of our rent money every month, which I then use to pay the rent in full. So that's £360 coming in that isn't going to be affecting my balance or free cash, just passing through as it were. Is that OK? If not, we can arrange to do it the other way, i.e. I'll send her the half instead, then she can pay the landlord.

Example 2: The family are all clubbing together to buy my wife a present for her birthday in a few months, so there is talk of them all sending me their financial contributions towards the present, then me buying it. Is that an issue? I'll obviously be able to explain why this money was coming in and will have a receipt for the present if it gets brought up in the future. Annoyingly, if I can't do this, means I need to confess to a family member about the IVA. Which I'm not too bothered about, but would rather not.

Thanks for your time
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Foggy
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by Foggy » Mon Jul 02, 2018 2:32 pm
I would say both scenarios are OK --- in neither is the money actually yours anyway. Example one, being regular, might just need explaining to your IP so they don't keep querying the receipt every month. Example 2 is basically a one off which probably would never ping the radar ... but if it did, you have a reasonable explanation.
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luluj
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by luluj » Mon Jul 02, 2018 4:01 pm
I would say its ok ... I had income like that coming through and just provided an explanation.

Maybe get your wife to amend the standing order so it shows as "Rent payment" on your bank statement

For your wife's gift ..other option is people give it you in cash and you hide it until you have it all
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