Small cash gift

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Adam_7985
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by Adam_7985 » Tue Sep 12, 2017 11:15 am
Hi, I have recently been accepted for my IVA, I will be paying £625 a month. A relative from a different part of the country has offered to give me £300 by bank transfer to help with the kids, she doesn't know about the IVA, she said would give us money when she can, am I allowed this or do I need to declare when she gives us it?
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Foggy
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by Foggy » Tue Sep 12, 2017 11:28 am
You are generally allowed modest cash gifts on an infrequent basis so I would think this was OK .
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kallis3
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by kallis3 » Tue Sep 12, 2017 11:35 am
Agree with Foggy that you should be ok.
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Michael Peoples
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by Michael Peoples » Tue Sep 12, 2017 12:05 pm
This should not be a problem and some firms do not ask for bank statements anyway. It is less than £500 and thus exempt from windfalls but if it was to become a regular thing have the money paid directly into the children's' accounts as it is for their benefit anyway.
Adam_7985
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by Adam_7985 » Tue Sep 12, 2017 12:17 pm
I'm with Cambridge Mc Duffy, do they check my bank statement every year? Just trying to get the hang of all this and would be good to be prepared for my review next year
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kallis3
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by kallis3 » Tue Sep 12, 2017 12:27 pm
I don't think they ask for statements. I'm sure Michael will confirm.
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Foggy
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by Foggy » Tue Sep 12, 2017 1:04 pm
McCambridge Duffy are one of the dwindling number of firms who , whilst abiding by the agreements and structure of an IVA. live in the real world with the rest of us !
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Michael Peoples
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by Michael Peoples » Tue Sep 12, 2017 1:45 pm
We do not ask for bank statements as we do not feel it is our business how you spend your own money. Sometimes we may need to see one if a wage slip is lost for example but we are not going to spy on our clients and see if we can catch them out. We like our clients to email their wage slips each month if that is possible as we can then tell them immediately what if anything is owed under the 10% 50/50 condition. It also speeds things up at the annual review as we then need much less information.

It is all relatively straightforward but please feel free to contact me directly should you ever have any problems.
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