if i able to save out of my allowances surely then my ip would say my allowances must be too high so therefore would i be better making sure every penny is shown as used, as would a ip on ayearly review not want to see my full years bank account to confirm all my spending
Hiya - most of us have savings accounts to save contingency funds etc. If you can save a bit out of your allowances then it's fine. If you are savings hundreds per months however it might be queried!! Take out your surplus and put it in a seperate account each month and you can treat yourself every now and again. We haven't spent any of our clothing allowance yet but know that in a couple of months will need to buy some winter boots etc so it will all be gone!
No, your IP won't say that - most encourage us to save some from our allowances and not all IP's want to see bank statements. I recommend opening a savings account anyway for savings or put it in a jar or something like that. They won't want to see savings account details.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
MY IP only wants the latest three months bank statements, but others differ. As for savings -- some of these are ammassed contingecy fund, so actually part of your allowances ... in other areas, if you have managed to save, a bit here and there, all well and good. Expenses flucuate, so what you might save thos year could be used up next year, when things go up -- boiler goes on the fritz .. whatever. That's what savings are for.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
thanks for that especially the bit re not using clothing allowance everymonth i was concerned i would have to in effect use it or lose it and with having uniforms one month might be heavy on spend but the odd month might be no new clothes
You are allowed to put away any unused expenses - as Foggy says, you never know when you might need them!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Once all the direct debits are paid, I don't think many of our bank statements would reflect our I&E. All my cash is juggled and used however it's needed.
Our weekly shopping is cash only which is from hubby's benefit which is paid into the post office so my bank statement does not reflect our true spending at all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Don't worry - you are allowed to have a life outside the IVA!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Ive been using my motorbike for the last two and a half months purely to save money on the fuel costs,in fact i probley save around 45-50 pounds a week BUT i know that in the next few months when im going to be using the car its going to cost me about £65 per week.
Now when they look at the Bank statments its going to look as though im not spending that much on fuel!
Perhaps you need to set up another account purely to put your fuel savings in so that when you do need it in the winter the money is there and you don't have to account for it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
my bank statements will not show what i spend on individual items as i withdraw cash and pay for everything out of that, i don't see that this will be a problem.
i also have a savings account where i put away my share of overtime. this week this has certainly come in handy, i have had some very heavy vet fees, my boxer dog suddenly went blind, and i dont have pet insurance.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
You know,i thought we were doing fairly well most of the time, but you have a good point Kallis. With the first review coming up ive started to think about loads of crazy little things about our budget, what we spend it all on and does it really reflect how we live.
Somebody suggested that if the fuel was £65 per week and we managed to get by any week by spending £50 then we should take the rest out in cash and save same as with the shopping. To be honest i always end up in getting in a right muddle.
We seem to try to get by on whats left on a weekly basis and put some away for the car repairs and tax etc. This has proved a bit difficult with the loss of eldest daughters house keep(200pm)but am hoping to get things balanced out when we have the first review.
I just always keep thinking they will some how arrange the figures and say you can pay this amount extra and you dont need this amount in your budget!!!
Im gonna feel a lot better once the first review is done and it doesnt stich us up.
