www.iva.co.uk

Hi all

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)

If you are only required to pay 50% of any additional monies into the plan, I would imagine the remainder is yours to do whatever you wish with.

You can also open a savings account for contingency funds

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.

My savings are ALL GONE!!!

BUT I am mobile again,and only owe family members who will take 50p a week and dont charge 178% APR!!

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.

Yes - so long as you could get the money out quickly if you needed it.

It takes about a week to get your money out.

And think of all that money going to creditors when you win big!!!!

Not to dishearten too much but the chances of the million pound cheque with a holding of £100 is 1 in 397,257,651!!!!!!!!!!!!!!!!!J

I've got £12 pounds of Premium Bonds so my chances must be non existent!

A little over 1 in 900,000,000 Skippy! I am in the same boat! J

And Dave paid the OR £12 so that I can keep them!

Good luck J, I hope yours come up!

He bought them for YOU Skippy!! I have had mine 30 years - £50 in all that time. Hope you win one day then you can go to the States. J