savings after your iva

[tramps]

if i take out an iva and start to get my finances back on course, my plan is to do some serious saving, to avoid this situation again, my concern is if i have my savings in a savings account and 4 years in i have a substantial amount, can it be taken as part of my repayment, saving this way would be pointless if this was the case...

[cr15py]

I think this has been covered before. Provided your savings are from genuine "cost-cutting" measures, then the money is yours to do with what you want.

If you have deliberately overstated your expenses in order to reduce the amount you pay to your IVA, then I think your IP would be asking for additional contributions. (for example, saying your rent was £450/month when it is actually only £300)

An expert might give a better view, but that's the way I have understood it.

Visit my blog at http://cr15py.blogs.iva.co.uk

[MelanieGiles]

If you have a substantial amount in your savings at the end of an IVA, this can only mean that your income and expenditure has been worked out incorrectly during the IVA - or that you have been earning higher amounts and have managed to save up your share of the 50% uplift.

If the latter, then this cannot be taken from you, but do remember that modest savings are a good idea during the IVA as a method of saving your contingency monies so that they are there when they are needed.

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

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