As per the title, is it possible to save in an IVA? My IVA is based on my basic wage. I do work overtime, but it is not guaranteed. Obviously, I will pay half of my OT into my IVA and the other half is mine. Could I save this or would I be expected to put back into the agreement if it built up to a significant amount?
Thanks[:D] (still cant stop smiling from the relief)
I have a savings account that I transfer contingency money, clothes money and all other allowances other than petrol, bills etc. Just wondered about the additional left income. Dont really like the idea of stuffing it under the bed... besides, the dogs might find it! lol
My thinking was the same as the initial reply, but wondered how it would be looked upon if you built it up to a sizeable sum.
Never been able to save since I have been working, so am looking to take some positives out of this whole debt nightmare experience and re-educate my whole financial outlook.
A savings account is an almost essential part of making an IVA successful, as you will need to have somewhere to put your contingency money away. I encourage all of my clients to have savings accounts.
Instead of having a savings account is it allowed to put money into premium bonds instead? Im tempted to put a little bit into premium bonds for a couple of reasons. 1. I wouldnt be as tempted to draw out and 2. There is a chance to win money. Obviously in an iva i dont have much money to save and i know that if i won anything i would have to pay some into iva but savings accounts dont pay much interest anyway. Anyone know if it is allowed.
