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Hi
If my iva is accepted on the 28th December. If we can manage to save or put money aside for a rainy day or perhaps a small holiday. Should we just put this in a savings account in our name and should it go away in perhaps say my daughters account (an account not in our name) or doesnt it matter really ??

HI Caraf,
Glad you have asked this, cos I've been wondering about money left over in my bank account. When it comes to annual reveiw, should you hide any money (if any) that you have.

You don't need to spent ever penny of your allowance to justify the I/E and hand back every month what is left. You can save it for a rainy day as contingency and unexpected developments -new arrivals etc.

This will avoid the dreaded variation meeting(set addition cost?) when you tell creditors to reduce payments.....

Incidentally, I heard that in a BR order there is a provision for a holiday but not in an IVA. So obviously I guess no one would broadcast too loudly anyone have made savings to go to the Maldives for holiday.There are just certain unwritten rules I suppose. Strange that in BR order that provision exist.

"Always think outside the box"

If you have saved money from your expenditure either through contingency or not spending as much on housekeeping etc, because this has been provision it is yours to keep. You can put this in a savings account if you wanted to, I believe it would be very rare that the I.P would want you to hand this over.

Usually its savings at the start of the IVA process that they would want you to hand over as it is an asset.

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

Thanks IVA Experts. If i opened a separate savings account to my current account, at the annual reveiw, would i have to produce both sets of statements or just my current account

Your IP may ask to review all held accounts but will not be concerned if you have managed to put some modest savings aside.

Best Regards
Oliver

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

I only ask this because i also have a joint account with my husband, as well as a current account just in my name. I don't want my husband to have to hand any money over that he manages to save. Would it be better for me to take my name off our joint account

I don't think that will be necessary, you will just need to explain who has saved what.

Best Regards
Oliver

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

ok, thanks as always[:D]

I would pop it in a savings account that you can get instant access to if you need it. We have an online savings account with our bank (lloyds) and I also have an Abbey national savings account (used for my car).

I think it also depends on which company you have your IVA with as so far we did not have to produce any bank statements at our 1 year review - not that we had savings then. They form part of our New Year intentions (resolutions is so last year!!)

I absolutely encourage savings accounts for all of my own clients, to ensure that there are monies available to pay for the car service, the new pair of glasses and other exceptional items. Seeing savings build up, even for just modest amounts, gives clients a sense of ownership and achievement again, and sets the scene for when the IVA has concluded and all of the money is yours again - to place into savings of course!

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