SAVINGS ACCOUNTS ON A IVA

[johnpaul]

one thing that caught at attenion when gregory pennington were offening me a iva with freeman jones is savings account if you close them while you are doing a iva all of it as to be paid over to your ip to give creditors they said to me if you do a iva keep your savings accounts open because if you close them it as to be paid into your iva any thoughts on this

JOHNPAUL

[MelanieGiles]

All assets have to be disclosed under IVA proceedings, and if they are surplus to immedite requirements are usually required to be realised and the proceeds offered to creditors. I very rarely find people in debt actually have savings accounts!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Oliver]

Any monies in a savings account will likely have to go to the IVA as these funds will be considered surplus to requirements.

You will be allowed to have a savings account in an IVA as this will allow you to save surplus funds from your monthly budget to put away for a rainy day.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Hi Johnpaul,

If you have savings before entering into an IVA then this is classed as an asset and must be apart of the arrangement. However as Oliver mentioned once you are in an IVA if you have left over funds from your monthly budget this is yours to save, if you wanted.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[johnpaul]

i have a cash isa with £100 init not put any money into it since being in debt once i am debt free i will be puting money aside

JOHNPAUL