www.iva.co.uk

Hi
Im about to enter into an IVA, and was wondering are u allowed to save a little bit ie: £10 a month say for xmas, birthdays the odd night out, car fund holiday etc....

Ema - welcome to the forum -- you are encouraged to save - so open up as savings account somewhere, to cover xmas etc - as well as those emergencies (boiler /car etc etc )

Agree with ginger - if you can manage to make some savings then it is encouraged.

Oh thats good news
Have been reading lots of posts its all very daunting!!!!

Savings will come in very handy! Go for it x

Hi Ema and welcome to the forum
I have a savings account and I intend putting all my irregular payment allowance into that so that when I need it, it is there for me to use. Any that doesn't get used will be a nice bonus at the end of the year (hopefully)!

Hi Ema.89,

If you can, you would be best to save what you can.
If something breaks down or needs repairing, you will no longer have access to credit.

I had a contingency fund at the start of my IVA which I had saved by not paying creditors whilst setting up my IVA...I`m glad I did because within a short space of time my TV and cooker went kerput and my car needed major work on it.

Goosed - you make me wish I was a saver! Alas, I don't have that gene! [:(]

we had a contingency fund but it never got to a large amount as things kept breaking(mostly cars!!!)

Paul

I encourage all of my clients to set up a savings account - very important to put all of those contingency allowances in so that the money is there when it is most needed. And if you can manage to save a little each month, either from your set allowances or from overtime or bonuses, this is yours to keep and put towards the things you have mentioned.

Hi Ema and welcome, i have a saving account once i sort out my dd i put the rest in the savings account and use that when needed, ive not being doing this for long but at the end of the year when car has mot the money is there and whats left is a bonus.