www.iva.co.uk

Things are going along nicely!! should have my creditors meeting within the next too weeks!! Creditors are starting to give up calling as they are now informed of my situation and i think there fed up with hearing the same story!! Anyway my first question is, with the job i have, i can earn quite a bit extra with overtime when the work is there(not at the moment). Even when the IVA takes 50% of it i'm left with a tidy amount which i would look to save. if i open up another bank account to put this money into, will it be looked at when i have my reviews and will they want statements from it to see where the money is going or the amount i am saving? Any help would be great.

Hi nobby,

You are allowed savings in your IVA and you can open an account. I don't think the IP would want to see it, but it differs from company to company.

If you were able to save a considerabe amount of money though, I think the creditors would want a cut of it![:D]

The reason i ask is that i can sometimes earn up to £450 in overtime for a month. if this is the case the creditors would have 50% and i keep the rest.This could mean that they get an extra £225 a month. But if i was to save the rest and then they ask me to hand it over once i've saved up a load, then there's no point in me doing the overtime and they would lose out on a potential £225 a month.

Its for that reason that I would be tempted to line my matress with tenners rather than bank them.

Or get a small wall safe to put it in![:)]

Hi
Your money is safe
As long as you have complied with the terms of your IVA then any money that you save from your share of the overtime is yours.
Regards

So even if you managed to save a tidy sum they wouldn't want any?

Cheers for the quick replys!! i will bring this up with my IP when i next speak to him and make sure what the correct terms are in my proposal.

I have bought a wall safe, £19.95 from Argos. You would have to demolish the wall to get it off! Never had any cash in the house before.....never had any cash full stop!! And we all know that plastic spending never counted. What a weird world I used to live in. Never going back there.


S x

They're brilliant - we keep our passports etc in ours as well. Never got much money to put in there at the moment!

Its funny readin this as i been thinkin about this subject all day due to the fact that i work on commission so on some months, it can be high! (altho due to the lovely C.Crunch ive not)..

I love everyones ideas..! Dont think i can do a wall safe (still live at home and the parents will ask why im making a big hole in the wall! My creative mind was thinkin up so many weird ideas!
secret compartments in less obvious places...! I do worry that even if im left with a tidy sum after splittin any overtime, that they may want to see savings account statements. i have 2 savings accounts both with about 3 pound in each, as i havent saved in months! I think if the IVA gets approved, il save any remainders at home for the time being!! better start lining the mattress! [8D]

If I got the wall safe at £19.95, I'd have nothing left to put in it [:D][:D][:D]