www.iva.co.uk

I was just wondering if we would be allowed to keep any of it? I have read so much conflicting advice.

Our IVA is with Payplan and their site states: "Any assets, including lottery wins, bonus payments, *gifts or inheritance have to be declared to the Supervisor and paid into the IVA for the benefit of the creditors" so I'm guessing it all has to be paid?

It's not a huge amount, it's only about 2k but I would dearly love to pay for a years car tax, get the car a major service and the brakes done (which it's desperate for and probably not entirely safe [:(])

Obviously the majority would go to creditors but if we could keep a bit that would be fantastic.

*I thought gifts were exempt in an IVA? We did consider the possibility of getting all the funds paid to another family member and them gifting us cash but this doesn't sit comfortably with either of us. We want to be honest and is it even legal?

I am afraid that all of the money will have to be paid into the IVA, unless you can get your IP to agree otherwise.

I thought as much, thanks Melanie.

Hopefully they will let us pay for the basic safety then we will pay the rest across. I'll ring them tomorrow.

Hope you get to retain at least enough for the vital car repairs Mrs Pish. x

same here,but car allowances and tax should have been included in your original proposal.good luck.

If you look at Mrs Pish's status she has only made 5 payments and I can't imagine that she has had the chance to save enough from her allowances yet.

your right skippy,contingencies could help a bit if token payments are made pre iva.

My savings pre IVA went on my our first payments - didn't have enough time to save up a lot towards contingency.

That's what I did too Jan. They wanted a payment on the day of the creditors meeting and I haven't been able to get anything else put by yet.

I can but ask.

I hope they will let you keep some - Payplan have been pretty good with us so far. Let us know what they say.

I was ready to make my first payment the day the IVA was agreed, but my IP said to leave it until next pay day in January -- so I have squirelled it away as my contingency fund.