Hi, My IVA was accepted yesterday :)

[Laureylou]

Hi,

My IVA was accepted yesterday I was just wondering if I make some frugal choices with my monthly budget how much is it acceptable to put into a savings account?
Thanks

[Niobe]

Hello and congratulations on your IVA being accepted.

Yes, you can have a savings account in an IVA and it is usually encouraged.

Which company are you with?

[Laureylou]

Thank you. I have gone with money,debt and credit and have to say they have been really helpful.

[kazzafunk]

Congrats at getting your IVA approved.

It's encouraged to save, there's no set limit to what you can save. As long as any increases in income, windfalls, bonuses etc are declared there's no reason to worry that you will need to justify how you have saved x amount.

[hellsbells]

Congrats on the iva approval, ours too was approved yesterday, such a relief xx I was wondering re savings too, good to know you can save in a bank rather than under a mattress, lol, thanks to the replies, saves me asking xx

[luluj]

Congratulations on your IVA.

Any savings you can make from your allowances are yours to keep - it is always a good idea to have a small savings pot going so that the emergencies are covered.

[kravarran]

Congratulations on being approved.

I was thinking the same thing about savings, do I have to save cash only or can i use a savings account? Would any savings not be visible in an account and considered in annual reviews?

Here's hoping that my car and house will be reliable enough to to let me save something!

[Niobe]

You are allowed a savings account and you do not have to discose these savings to your IP.

[tbsk06]

congratulations on your approval ours was accepted yesterday and the feeling of relief is immense we know it wont be easy but then neither have the previous 6 years but at least there is an end to work towards good luck on our journeys

[Niobe]

It's one of the best feelings in the world!!

[Broke of London]

Congratulations!! Savings are to be encouraged and any savings made from your allowances will not be claimed by creditors at review time!!!

[Laureylou]

Thanks for all the helpful replies first payment made yesterday! 1 down, 59 to go and quite possibly the best nights sleep I've had in ages!

[Broke of London]

Was it the relief or the celebratory cheap plonk that helped you sleep so well??? [:)]

[Niobe]

Or even the three for a tenner from Asda!!!

[pennieless]

Hi Laureylou and welcome to the forum and congratulations on your iva being excepted. I set up a savings account so all over time goes in straight away after working out 10% etc, then any left over after all payments have been made go in aswell, its such a lovely feeling to buy things with my own money instead of credit. Good luck on your new journey