personel question ?

[cat 1]

people seem to be saying that if they have savings then they disguise it so it's not evident at the annual review? Why would this be? Do you think it would be taken away or the amount put into the IVA increasesd? I have a regular standing order set up straight to my savings account for my contingency money and additional childcare.Therefore, I have to regulary take from it so lump sums of money are regulary taken in and out of our account.This IVA thingremains very confusing to me. And, when I read the posts on here.Some people seem to be very poor during thier iva, some 'just manage' and others do seem to be able to 'save' relatively small amounts.I wonder if the rules change with different IP's.Is there lots of room for different IP's to have varying standards.Hence, wouldn't we all drift to the one that allows us more? Anyway, time to stop pondering and get my backside into gear to face yet another week.....Cat

[abc]

When I complete annual reviews we do not touch your savings as long as the savings we not there before you entered the IVA. However, if you manage to save too much (don't ask what is too much as it depends on each persons circumstance) then it might mean that you can afford to pay slightly more into the IVA.

It should almost be normal for someone in an IVA to have some savings as the income & expenditure allows for example for car servicing and road tax and you will need to save these each month until you need road tax and a service.

[Moneystinks]

I need to open a savings account for contingency and an account for the little lad for his pocket money - he also saves his snack money if he doesn't fancy a snack - he bought a wrestler with his saved snack money at the weekend. I am hoping we manage to gain a reasonable contingency as we ten to have 'runs' of luck. So if one thing goes wrong it is usually big/expensive and our luck carries on that way for a few months. XX

[aguise]

We manage to save a little but usually something comes along and eats it up. Most of ours though does come from the overtime not so much saving on allowances.

Ang

[johnt]

If your having difficulty with paying an unforseen bill, then contact your IP. Within reason they should allow you to push a payment forward a month.

Savings are a bit tricky. If you happen to come across money during the IVA, then you must make your own judgement as to whether you should declare it.

I save around seventy a month, simply by really scrimping. I now have £700.00 saved away which acts as a security banklet.

Without this I'd find managing the IVA very difficult. I've tried very hard to save this, and so would feel very uncomfortable giving it up.

[Rockin Diner]

Do you actually get an allowance for contingency or do you jsut have to save some yourself?

[MelanieGiles]

You get various allowances for contingencies which you are expected to save towards the areas of expenditure - such as car and house maintenance.

[johnt]

Do you actually get an allowance for contingency or do you jsut have to save some yourself?

Your IP generaly allows a small disposable income, of anything between £180.00 to £230.00 a month. This should be for the odd night out general living expense that sort of thing. Without it I'm sure most IVA's would fail.

Of course it varies, although most IPs follow the same allowances set by the CCCS

[Viki.W]

John, I don't think you're right there.

[johnt]

John, I don't think you're right there.

apologies, I am refering to general housekeeping, and not disposable income.

[SharonOR]

How do people manage to save? I have £3.88 in my account until the end of the month. Some months I have nothing for two weeks before the end of the month. I was reading threads the other day about people going on holiday - God how I wish for that! How do they afford it?

[Lisa2009]

I suppose they pay for it with their 50% share of any overtime and any cut backs that can be made each month.

[aguise]

Hi Sharon.
As mrs S says , we tend to afford a lot of the extras as we ar lucky enough to get overtime. Our holidays are just the sun holidays out of the paper and we have just booked one for £38 for 4 nights in Devon. We will take the shopping money and go for walks and save whatever we can by doing it ourself ( things like a flask of coffee rather than paying for drinks whilst we are out). We do also manage some from our expenditure allowance and that is done purely by looking for all the offers and saving wherever possible.

All the best i hope you can get a bit saved for those odd treats.

Ang xx

[poppy]

I manage to save from my food budget and sometimes I'll walk to work and save my bus money.

[johnt]

I manage to save from my food budget and sometimes I'll walk to work and save my bus money.

yep I'm the same, my £50.00 a month on the bus is walked instead, so that's £600 in a year, and I'm 2 stone lighter a year after starting the IVA!