Legal implications of gift for IVA

SticklebricksUnderFoot

My mother has offered me a lump sum with which to offer my creditors and hopefully end my IVA early. My IVA administrator has written to her asking for confirmation etc, but the letter says she should seek independent legal advice as to how it will affect her and now she is freaking out slightly that it is going to have all sorts of consequences.

I assume once the sum is accepted she is legally bound to actually pay it to my creditors but is there anything else we should be aware of? We can't afford to pay a solicitor to check.

Thank you

debtfree2016

Nothing other than that. She will have 30 days in which to make the payment. They would will want proof that the funds are available. The only thin you need to consider is if your Mum doesn't want to make the payment i'm guessing she does. You will have 28 days from the point the IP requests the meeting to up until the meeting itself to withdraw from the F&F (costs maybe incurred).

SticklebricksUnderFoot

Thank you so much - that is what I was hoping. :beer:

debtfree2016

If you want to be sure the best thing to do is email your IVA providers for reassurances.