Gifting money

markgill

Hi, my son has a current IVA, I would like to set up a lifetime ISA (LISA) for him. Would this be possible or would his IVA administrator insist that this money is used to pay part of his debt?
Thank you
Mark

mwarby

Could you not save the money and gift it to him once the IVA is over?

I believe it’s possible to attach conditions to the gift, ie that the gift is only to be used to purchase a house or must not be used to repay debt. But that’s more usual when arranging funds for a full and final, I’m not sure it’d work for what you propose 

Depending on the sum you are thinking of an offer to clear IVA might be helpful, your don could then save the IVA repayment. Your looking at an amount nearing the payments left x monthly repayment you might get away with 10 or so less (Depends on circumstances really)

jonesMUFCforever

Wouldn't paying off his debt be a better option? He could then start to save with the money currently going towards the IVA?