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Hello. I was wondering today about the annual review. 'If' I'd been able to put aside money over the year and not had to spend it. And say it was over two thousand.I know, I'm dreaming but bear with me. Would the annual reviewer see this from my bank accounts, question it and take it off me and increase my IVA payments. Just a wonder and I know not very likely, but...Cat

Hi
No,as long as you have declared all income and advised of any reduction in expenditure[fixed expenditure that you have no control over] to your IP then any money that you manage to save is yours.If you save money by reducing your gas/electric bill etc then again this is yours to keep,only changes such as a reduction on council tax/rent/mortgage etc would need to be reported to your IP
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
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Oh that's good to know and some sort of incentive to save. Perhaps not the thousands I'm dreaming about but at least some .Also, will start to look around at utilities deals and insurances in order to be more careful.Thanks .cat

It is always a good idea to save for a rainy day whilst in an IVA, as I can pretty much guarantee that there will be one or two over a five year period.

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:
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Hi Cat,

If you save any money from your monthly expenditure, I believe this is yours to do what you like with. As Melanie has mentioned it is always good to save for a rainy day as you never know when your boiler or other appliances may need fixing.

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

Not that we've saved anything - yet! (it's going to be our New Year intentions!) but when we had our first review we didn't actually need to produce our bank statements so if we had saved any money they would not have known about - if that makes sense!!!

Wow thats interesting Louisa that you didn't have to produce bank statements, just goes to show that each I.P firm asks for different documents [:D]

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

I dont think mine does either certainly didnt at our six month review and I did ask about the annual one and she said no just payslips and proof of any rises in expenditure will know more soon I think it is our first anniversary today.

Please visit my blog at http://aguise.blogs.iva.co.uk/

With reference to aquise' last post it does sound like a good idea to have a review every 6 months instead of annually. So much can happen in a fullyear. But on the other hand it must make a lot of extra work for the IP or his/her review staff??

Hi Louisa and Aguise
What companies are you ivas with ??

I am with freeman Jones. I must say optimist you probably are right , my ac manager was along time with the six month but then someone had left and she had been given half their work to sort. Mind you half of it will be done at the year point so maybe two short quick reviews rather than one big one. The yearly one though she said was the report for creditors the six month one is obviously their choice.

Ang


Please visit my blog at http://aguise.blogs.iva.co.uk/

Hi Caraf We are with Grant Thornton and have an annual review and we submit our payslips every 6 months.

Lou

£2,000 wow, how'd you save that?

Dont get me wrong I think its WONDERFUL that if you can save you are allowed to keep it!
But- I would have thought that if you are able to save money that it would show that you can afford to pay more into your IVA per month and that your payments would be increased. So how come you dont?
Also, are you allowed to have a savings account while in an IVA?

Thanks
May

Yes, you are allowed to have a savings account while you're in an IVA.

If you can make a saving here and there then it's up to you what you do with the money. There is no reason that you cannot either save a bit for a rainy day, or else to give yourself a treat - after all, 5 years is a long time.