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Hi all, I’m new to IVA, just wondering something about savings...the little savings I have are in a seperate bank to my creditors, but im hoping to save as much as im allowed in case of emergencies and things, but what im wondering is do your creditors and the IP know the outgoings of your separate savings account? For example if i was to take a couple of hundred pounds out of it for whatever reason will the creditors and IP know about it? Thanks

They won't know about your separate accounts and if you can save anything from your allowances, overtime and/or bonuses it is yours to do with as you wish. We all have emergencies during our IVA.

Tue May 25, 2021 8:58 pmkallis3 wrote:

They won't know about your separate accounts and if you can save anything from your allowances, overtime and/or bonuses it is yours to do with as you wish. We all have emergencies during our IVA.

Thanks very much for that Kallis3 Thats a great help, much appreciated thank you

I would mention that these savings should come from your share of overtime etc. and modest savings from allowances ( a few quid here and there). If, say, you can save £100 a month from your shopping allowance it could be argued that you have overstated your household shopping needs, so tread carefully.

Although IPs do not routinely look at savings accounts, they might ask, one day, and you are expected to comply.

The Bank of Mattress issues no statements.

I used to have a Terramundi jar (Christmas present each year) where I used to save any spare money and it soon mounted up. That, and doing online surveys, helped fund Christmas and Birthdays.

Maybe we should have a merger of the Bank of Mattress with the Bank of Terramundi --- the latter sounds far more exotic

It's more expensive as well - unless you get it as a gift as I did!