www.iva.co.uk

hi all

at each yearly review if i have managed to save anything out of my allowances or if i get to keep any overtime money made and save, would i then have to give them to my iva if i keep them in a bank account.

thnaks
tilly

As another new person to IVA's that's a good question Tilly, so hopefully someone experienced will answer it. I will be putting £50 away each month but that's going to be for car servicing/tax/mot's

Sarah

I'm sure that I have seen posts from the experts on here saying that you can do whatever you wish with your share of bonuses, overtime or saving from allowances. I shift mine each month to an online savings account - not to hide them but just to keep them out of the way otherwise they could easily be spent x

I'd hoped that was the case footiemad [:)]

Hi Both - saving is encouraged as mini emergencies do crop up during the five or six years. You may be able to get a savings account with your bank to help ringfence the money. One of our posters has managed quite a nest egg! But it is yours to keep and will not need to be handed over to your creditors. Good luck with the savings x

Totally agree with BOL, saving is encouraged as you never know what could happen in the future. I try and save a little each month but there is always something to buy and this month is a new toaster!

thanks for all the advice great help

I'm with Natwest and opened an e-saver online and with a couple of clicks can transfer money into it and a couple of clicks it's back!

Your savings will be your own to spend as you wish.

I do exactly the same as Lesley and it works so well x

Unfortunately we haven't a penny saved!! We just seem to scrape by every month.

But if someone where to save enough from their allowances, overtime etc could they offer an f&f?? I can't imagine I'll ever be in the position to but just wondering if that could happen???

I don't see why not Briggadeen. As long as it's funded from savings from allowances and your shares of any overtime, bonus payments etc.