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ClearHead
Starting Member
16 Posts |
 Posted - 08 April 2009 : 10:57:15
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I went BR in January 09 and made my first payment to my IPA on 1st April. My Dad is coming into some money soon and would like to give me some money to by a car (mine just died). Is this allowed? Can he put the money into my bank a/c?
1 IPA payment down 35 to go! |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 08 April 2009 : 11:13:46
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Hello, it would be easier and safer I think if he were to buy you the car but keep it in his name. I think if they saw the funds in your account (which I believe you have to declare to the OR that you are being given some money) it may be at risk. Plus a car in your name would may be at risk, unless it was under a certain value.
Im sure someone will correct me if I am wrong!
Maizie |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 April 2009 : 11:16:14
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I agree Maizie. It's better to be safe than sorry so ask your dad to register the car in his name but allow you to use it.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
22 IPA payments made, 14 to go - on the home straight! |
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ClearHead
Starting Member
16 Posts |
Posted - 08 April 2009 : 11:22:27
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Thanks guys i thought that would be the case :-(
I think i will get him to put it in my boyfriends name as he woudl also be insureed on it. NIGHTMARE.
Once my IPA is finished then would money in my a/c etc be ok and not of interested to the OR etc?
1 IPA payment down 35 to go! |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 08 April 2009 : 11:24:05
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Once you are discharged and IPA is finished you are free to do what you want with your money. The OR can't touch it.
Maizie |
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ClearHead
Starting Member
16 Posts |
Posted - 08 April 2009 : 12:57:50
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Thanks Maizie - just have 35 payments to go then :-)
1 IPA payment down 35 to go! |
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John
New Member
United Kingdom
73 Posts |
Posted - 08 April 2009 : 13:28:12
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Hi
once you are discharged,and in an IPA, or not,if you were to be gifted a lump sum which is placed in your account that sum cannot be claimed as it is not income.
By definition IPA/IPO payments can only be made against disposable income.
A gifted sum is an asset which cannot be claimed after discharge.
John White
England Jackman & Spacey |
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ClearHead
Starting Member
16 Posts |
Posted - 08 April 2009 : 13:30:08
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John
So basically when I am discharged in Jan 2010 and still in my IPA it does not matter what cash I have in my account as they are only interested in my disposable income? Is that right?
1 IPA payment down 35 to go! |
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John
New Member
United Kingdom
73 Posts |
Posted - 08 April 2009 : 13:32:13
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Hi
yes, as long as this extra sum is not income it's safe.
John White
England Jackman & Spacey |
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John
New Member
United Kingdom
73 Posts |
Posted - 08 April 2009 : 13:35:33
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Hi
if you are in an IPA and win the lottery the day after discharge then technically you could give up work therefore cease the IPA, and the lottery win is not claimable after discharge.
Ok, for those that understand a little more about how it all works, if you were to bank the lottery win then the interest is income. Truth is if you did win you'd probably pay the debts and have your BR annulled anyway. But the theory applies.
John White
England Jackman & Spacey |
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ClearHead
Starting Member
16 Posts |
Posted - 08 April 2009 : 13:39:53
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We can all live in hope that, that would happen to one of us :-)
Thank you though - I understand it now
1 IPA payment down 35 to go! |
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Jane.l
Average Member
511 Posts |
Posted - 08 April 2009 : 13:57:18
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I have bought some lottery tickets for tonight, its a double rollover, fingers crossed,  |
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Cash from a parent
