Where do we stand?

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Post by blackhole » Tue Jan 07, 2020 3:12 am
OK so bit about us so you guys can hopefully advise us.
My husband has an iva only in his name not mine. We are home owners but the house is in my name also.
My wage has been taken into account for household income and also my student finance money.
I have managed to save my student finance money without the need of spending it (however we had to justify to the iva why we wanted to keep it and show it being used within our household budget etc) but I have scrimpped and saved and have £5k in the bank. My husband had a car crash last year and is due a pay out for pain and suffering (need to tell iva about this still but dreading the thought of them just taking if from us) it's going to be about £3k.
I guess what I'm wanting to know is.... The £5k from my student finance am I allowed to have saved that as my money? And if so can I gift it to my husband for a full and final payment with him putting his crash money with it as well?
Or will iva take my savings off me as soon as they find out I have them?
Like I said iva is in his name only.
I'm with vanguard if that makes any difference... Not sure if they are good guys :D :D


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Post by Foggy » Tue Jan 07, 2020 7:42 am
You should not have needed to justify anything to do with your money to Vanguard. It is none of their business, over and above using the income figure to calculate your husband's fair share of household expenses to then calculate his allowable expenses.

Most IP's follow the BR guidelines in compensation payouts and allow that for pain and suffering to be kept --- but some don't and you will need to check with your own IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by blackhole » Tue Jan 07, 2020 2:34 pm
So I can offer my husband my savings to pay for the iva even though it was taken into account when we did our yearly review? I don't want to show my hands before I know and it's not as if I can just call for advice either


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Post by Marty171 » Tue Jan 07, 2020 5:38 pm
your money is your money, they may have required your income to calculate a fair share of household expenses, but if you want to gift your husband £5000 to make a F&F offer, you are allowed to do that.
IVA Started 07/07/2017
F & F Accepted 06/09/2019
Completion Certificate 16/12/2019
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