www.iva.co.uk

Hi,

I wanted to ask about saving, I sometimes do a good amount of overtime at work and im following 10% 50/50 rule with my IP, I usually put the my (50) into a savings account, Iv seen on this forum that savings are allowed but not big amounts but as sometimes work is extra busy i can save up to £300 a month. would this cause any issues on the long run if continuously save these this amount of money?

thank you

I shouldn't think so as these savings are from your share of overtime, rather than an arguably over generous expense allowance. When I was in my IVA it was even a plan put forward by many to use these combined savings for early exit by way of a F&F --- but this was in the days when IPs were generally more client centric. Now the "big boys" have changed the whole ethos of the industry to being more creditor centric.

Hi,

The money is yours, do with it what you want, you've worked hard for it and my advice to you would be to enjoy it.

Regards

Welcome back Size5 - nice to see you again. You have been missed.

I would certainly enjoy your share... so long as you have followed the 10 50:50 rule, then your share is for you to do as you want with.

If you can save it thats a great backup to have now and in the future.

Thank you all for your replies.