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Iva
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could anyone help with this query it you were in an IVA and some one transfered money to you to save for them, could it be taken into your IVA even if it still belonged to them but the account was in your name Many thanks
20p savers club 2013#23 83.00 (2014 numer 6,70.00 pounds) 2036SPC No 6(2013) 182.34
2.00 savers club no 159
SPC No 7 2036(2014) 369.[2[ SPC No 8 197.45 (no 114)
2.00 savers club no 159
SPC No 7 2036(2014) 369.[2[ SPC No 8 197.45 (no 114)
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Comments
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the obvious question is why cant this person save it themselves?Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
And the answer would be yes unless you explain to your ip and can prove it's not yours or for you..0
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Hi Anna,
Got to agree to some extent with debtinfo & kns on this one.
In my opinion however, whether or not your IP decides it goes into the IVA pot may depend on if they consider this payment a 'windfall' or a 'gift'. (A windfall being something you gain an automatic right to (eg: lottery win, inheritance etc), a gift is something which you derive benefit from at the choice of another individual (ie: they win the lottery and decide to give some of the money to you)).
All of us in IVA's will have windfall clauses – usually requiring you to declare the windfall, making it available to the IVA.
This is not necessarily the case for gifts (check your IVA agreement though).0
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