www.iva.co.uk

So hey all I hope we are all well! so just a quick one, I’ve currently turned self employed and I earn more money than what I was earning. Which obviously means my payments to my iva each month have gone up, i now pay £167 a month. And I mentioned to my Ip just in a general conversation as you do on the phone while they’re finding details etc, I said now I’m self employed it will be nice if I have a good weeks earning to put away for a rainy day. And he didn’t half make me feel bad about it and said to me I shouldn’t be in a position where I can save. Which I understand. I am now currently paying all my debt back. But they said I will have to pay more if I earn more. Now I honestly don’t see how this is possible because the payments I’m not making equal up to be my full original debt. Plus the insolvency fees. So how can I pay more into it? And also he said I shouldn’t be saving etc and said people in a iva should not save. I was like wow. He was really nasty. In a certain manor. So the question is can you save money or not basically because I feel so down at the moment about it all

If you can save money from some of your allowances, that is ok. If you earn more during the term then your payments will have to go up until you hit 100p in the pound plus possible statutory interest.

He was being an idiot! Of course you cannot save a great deal, but you CAN save .... your halves of overtime and bonus payments, for instance. It is financially responsible to save when you can and they should be encouraging it.

Which firm are you with ?

Hi foggy Thankyou for your reply! Im with Hanover insolvency... I’m only 22 and I was stupid when turned 18. I found the life of credit cards and just lived my best life I suppose, although it was a great life lesson. I accept the fact I have to pay off my mistake and I’m fine with that. But I’m just starting out in life. So to be told that just upset me. I understand that I’m paying for my mistake.. but damn Thankyou for you reply by the way

Carry on saving!

Hi,

You can save at least half of whatever you are able to increase your income by or more if you have the 10/50/50 clause based on your agreed payment I believe.
I was lucky enough to get some bonuses so saved quite a bit.
If I'd not been as fortunate I'd have got a second income.

Regards.

I would consider making a complaint about his attitude. The call would have been recorded probably so his line manager should be able to get it on replay. No-one deserves to be spoken to like that.

Save what you can in your iva ....