Before IVA

[Fedup.com]

I am now getting to the stage where I am going to approach an IP to act on my behalf. One question that I have does not appear to have been asked and is confusing me. We stopped payments to creditors approx 2 months ago. Obviously this has created an amount of money that is still sitting in our account. My intention is to replace the monies that we have taken from our kids accounts when things were really tight (Pocket Money, Xmas and Birthday money etc from grandparents) and then what. We have my wifes brothers wedding coming up in July which is abroad. The accomadation has been booked and paid for by my wifes parents which just leaves us with the flights and spending money which will not be a great deal. As it stands we are not sure how we will explain the fact that we cannot attend if it comes to that, but for now I would just like to know what we should be doing with the spare monies that have accunulated. Now this is a new feeling.

[ivas4us]

I would imagine that if it is a large sum then you would be expected to include it in the IVA. However I don't see why it couldn't be used to fix your broken car, washing machine or any other essential items you might need repairing before the iva is set up. I am sure one of the experts will confirm.

[wonder]

Just spend it or keep it for a rainy day.

[Fedup.com]

Wonder - wish it could be that easy, but I sure it wont be.

[kallis3]

You will probably have to make at least one payment into an IVA as soon as you are approved, so some of the money will be needed for that.

Other than that, I would say that you should replace the money you have taken from the kids accounts.

You are allowed to have some savings whilst in an IVA as well, and it won't hurt to have a little contingency.

[MelanieGiles]

The technical and correct answer is that the money ought to be handed over to the IP you choose to act for you as a cash in hand sum.

If the intention is to spend it on a foreign holiday, then I suggest you delay instructing an IP to act for you until you return.

[plasticdaft]

Mel that is such a fantastic piece of advice,but what oh what would David say???

[ivas4us]

along the same lines I would have thought

[ivas4us]

who is your IP plasticdraft

[MelanieGiles]

He may well have a different opinion to mine!

[Fedup.com]

Thanks for that everyone, I appreciate your responses.

[ivas4us]

Don't get this, surely David would give sound advice and not say to spend the money.

[MelanieGiles]

I don't think anyone is suggesting that he wouldn't ivas4us! Perhaps David should answer the post directly, rather than us surmising what he may or may not say.

[Fedup.com]

Sorry - the question was not to see if I could spend it but more to know how it should be managed in an IVA. I dont think leaving an IVA till after the Wedding would be a sensible option unless I approached my creditors and began making pro rate payments to them in the meantime.

[ivas4us]

so along the same lines might not be so far away then. Sorry if I'm sounding stupid but I've lost the plot with this thread.