Windfall

SunshineBear

Iv'e not had one but was wondering what amount was classed as a windfall.

If someone gives you £50 for your birthday for eg. is this a windfall that has to be given to your IVA/BR if not what is the highest amount not classed.

On the other hand if someone was to give you £2000 to 'help you out' no doubt this would.

SB

fiveyearplan

Personally I wouldn't tell them if I received £50 for birthday (right or wrong). £2,000 is probably another matter but if someone was going to give me that kind of money I probably would have asked them to 'give' it to my son instead - especially since things have gotten so expensive and its hard to just do the weekly shop sometimes!

SunshineBear

I would prob agree with you on the first point. Just wondered if there was a cut off point that they would be 'interested in'.

fiveyearplan

No, I don't think there is a cut off point and I think it is down to the individual OR and what mood they're in at the time.

sizzler

I would go with the amount you have to tell someone you are BR when you apply for a loan or credit. I think its £400.

Somebody correct me on amount anything over that I would not take any risks at all:)

tigerfeet2006

Sizz, it is £500 that you have to tell a creditor you are BR if you want to borrow.

sizzler

Thanks tigerfeet:j

How are you?

Would you agree with my reply

tigerfeet2006

Plodding on, as you do

This is a difficult question as essentially you should tell the OR of any extra you have. But if you are given some as a present it is really difficult. We've seen some OR's take £200 and others not bother unless it is £400+ and I am guessing in these times of austerity they will be even more interested in anything they can get their hands on.

I think that you just have to take a moral decision on it. If you are given a gift and it doesn't go through your bank account or official channels, unless you or another person tells the OR how are they to know.

kepar

Has someone offered to lend you the money or are they going to give it you as a gift. If it is a loan and they know you are bankrupt I cannot see a problem with that. You do not have to tell the OR if the loan is over £500 only the party lending you the money . If it is a gift then the OR will probably be very interested. The cut off as you as for I expect is different in every case and with every OR. Do you pay an IPA for example could affect as maybe if you were on benefits only.
As they couldn't touch the benefits maybe they would go for that, as I say each case on its own merits.

debtinfo

in a purely technical legal prospective, then if someone gives you 1p it is an after aquired asset, as it is a gift and not an income. However practicality dictates that they wont be interested in small amounts, where that cut of happens is down to the OR

SunshineBear

kepar wrote: »

Has someone offered to lend you the money or are they going to give it you as a gift. If it is a loan and they know you are bankrupt I cannot see a problem with that. You do not have to tell the OR if the loan is over £500 only the party lending you the money . If it is a gift then the OR will probably be very interested. The cut off as you as for I expect is different in every case and with every OR. Do you pay an IPA for example could affect as maybe if you were on benefits only.
As they couldn't touch the benefits maybe they would go for that, as I say each case on its own merits.

Purely theoretical but thanks for the replys.