www.iva.co.uk

hey everyone,
does ip monitor your situation closely..i seem to be left with extra money already...i m living really tight atm,however it looks as though i could spend more or even save!my ip expenditure sheet gives lists of where my money goes,do i have to adhere to it or is it i just get my money and as long as i pay my iva and end up breaking even at the end of the month everyone s happy.im confused,after years of paying huge minimum payments i m struggling to live normally.(guess people on long term prison sentences feel this way when they are released).the way i m looking at it is that i need to be particularly careful at review stage,preceding 3 mths etc or is it always monitored.so far i m pleasantly surprised that i ve got my mouth above water.
any help would be appreciated.

Hi,

It sounds as though you are managing ok at the moment, as long as you can account for your income and expenditure you should have no worries. Anything you have left over you put into a savings account as a contingency account in case of emergencies.

hi thanks for quick response.....what do you mean by account?if i withdraw money from hole in the wall,do i have to show where it goes....i m talking about £100 or so...not thousands.

If you are saving money from agreed expenditure by being prudent and your income matches what was on your I&E then it is yours to do as you wish. Some may want bank statements/recipts to back up future increases, they are all different.

Bear in mind that if you have say entries for 'Car Maintenance' , 'House Maintenance' , 'Clothing' etc, you may not be spending all that allocated amount every month so be sure to put them to on-side to cover for when those bills do arrive.

Your savings are yours - so as Kallis suggested put it in a little saving account for emergencies or even treats !! I am sure your IP will encourage this.

Along the way within an IVA you will need a little put by for those unplanned eventualities, get yourself a savings account and squirrel it away for a rainy day and if you're lucky enough not to have one...have a treat. I often go for 2 for a tenner meal with hubby as our treat. x

You don't have to account for everything you can spend and if you can manage to save something from your allowances then you are allowed to do so.

Hi
Be sure to keep funds to one side for bills that come around every six months or every year, for example car tax/mot and repairs.
Regards

I have just sat down and looked at what I need to try to put aside each month - 1st time I've done that - always had a credit card for that. lol.