www.iva.co.uk

Hi All
I have a bit of a "what if" question!
I posted on here a little while ago asking if it would be ok to open a second bank account for any savings we may scrape together. Well, we opened a second account and have managed to save £50 for the last 2 months (very hard - but done). Well we have 5 1/2 years left to run in our IVA so if we can continue to do this every month without dipping into it (I said it was a what if question), we would have saved £3600 by the time our IVA is due to end.
The question.
Would this money not have to be paid into the IVA when my final review is held? And if so - What is the point in struggling every month to simply hand over the savings at the end of it all????
I doubt we will be in this situation but the wife and I were talikng last night and she asked this!

Thanks.

I don't see how you would be expected to do that, as long as your allowances in your I&E are deemed fair and reasonable and in line with the guidelines, then any savings you can make from that should be yours to keep for whatever you want to spend it on?

Hi. Whatever you save out of your allowances is yours to do with as you will. I save mine into a totally seperate account so, as far as I my IP sees when he looks at my bank account, the allowances are all used up and there is no surplus building up. That isn't really necessary, but it helps my paranoia.

For us, if we hadn't managed to save anything in the first couple of months of our IVA, we wouldn't have been able to afford to pay our car repairs of £560 in July, we would have needed a payment break to fund it meaning adding this on to the term of our IVA, so I like to be able to save from my allowances as much as I can for if anything like this ever happens

As far as I understand you wouldn't need to pay this over. However I really doubt in 5 years you will have this much. Household & cars usually take a grasp of this fund when you least expect!

I don't feel you would need to hand this over, some posters put all their share of the 50% of the extra income earned and this can amount to a fair amount

Absolutely not - that is your money and well done to you for maintaining a regular savings account. I bet it makes you feel really good when you see it slowly growing, and just imagine how much you can boost that by when the IVA payments have stopped.

Hi we did not manage to save anything and always needed to spend the £50 contingency on repairs or extra food etc or whatever so you are doing well to save a bit. nice one
Oscar