Money gifted

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gareth929

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Post by gareth929 » Mon Oct 07, 2019 3:12 pm
Hi I’ve been gifted some money by family member on the basics that my Iva gets written off. How do they go about writing a letter to say this thanks

Foggy

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Post by Foggy » Mon Oct 07, 2019 3:21 pm
I assume that you are talking about making a lump sum payment to close the IVA early (not write it off) ... a full and final offer, based on remaining payments.

The funds for this should go to the IP from the donors directly, and they should not give you cash to pay yourself. All you need do is write to your IP ( I actually did mine over the phone) telling them that you wish to make a full and final offer of £xxx and that the money is being provided by a third party for the sole purpose of a F&F. The IP will probably require evidence of the gift (letter from the donor) and the ID of the donor as well as proof that the money is available (donor's bank statement).
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

gareth929

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Post by gareth929 » Mon Oct 07, 2019 7:58 pm
I pay £200 a month and have just paid my first year off =£2400 it’s over 6 years so total is £14400 - £2400 = £12000 I’ve been offered a gift from family member £10000 I’m hoping they will accept that. But I’m not sure

gareth929

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Post by gareth929 » Mon Oct 07, 2019 8:03 pm
Also will they need to see my bank statements again ? What do they need to see thanks

Foggy

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Post by Foggy » Mon Oct 07, 2019 8:12 pm
To save them messing about with small dividends over another 5 years I would think £10k would be looked at seriously.

You are due an annual review anyway, so they may need statements etc. to carry that out.
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

gareth929

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Post by gareth929 » Mon Oct 07, 2019 8:23 pm
Would they still do a review if I was to offer them that? Thanks again

luluj

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Post by luluj » Tue Oct 08, 2019 4:18 am
Yes they would - an annual review is conducted to ensure all monies received have been declared, as well reviewing your different lines of agreed expenditure to ensure it remains viable.
Any full and final offer will be done in addition to this
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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kallis3

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Post by kallis3 » Tue Oct 08, 2019 8:24 am
They will also need to see banking details of your relative - this is just for money laundering checks.
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

gareth929

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Post by gareth929 » Tue Oct 08, 2019 8:50 am
With the banking details of my relative they will only want to see the amount is available in the bank not statements off wat he’s outgoings are?

kallis3

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Post by kallis3 » Tue Oct 08, 2019 9:14 am
He can always blank those details out.
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

Lisa Thomas

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Post by Lisa Thomas » Wed Oct 09, 2019 12:24 pm
There is a template letter on this website:

https://www.iva.co.uk/letter6-f-and-f-offer-during-iva

Good luck
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

gareth929

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Post by gareth929 » Wed Oct 09, 2019 12:28 pm
Thank you Lisa
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