CF stink

[grimswold]

This is what has been sent to me today

A savings account in an Insolvency arrangement is not permissible. As you can imagine,
creditors expect as large a return from the IVA as possible.
If there is a savings account in place it implies that there is surplus income that has not been
taken into account. In the event of a large un-planned expense we would be happy to
discuss ways in which we could help. A payment break for instance.
This considered we cannot allow a savings account for the simple reason of its visibility to
creditors.
Yours sincerely
Greg Balfour

[dand]

ill ask again-

is this in the IVA code of practice? its no different to saving the "emergency funds, or dental/optician allowance" in the normal bank account of the IVA holder. if they ask for statements on these, would they ask for the money back?

[grimswold]

Love how the creditors "expect as large a return as possible" - how do they sit with a hike in fees from 15% to 23% then?

[lifenoteasy]

Why would anyone in their right mind want a payment break if they can head off the possibility by having a small reserve?

[Lou74]

I really don't understand.... What about the 10/50/50 rule??? A couple of years ago my husband was lucky enough to receive a rather substantial bonus. We handed over 50% over the 10% allowance threshold. the other 50%, as per the terms of our proposal was OURS TO KEEP!! It was just over £1000, so naturally went into a savings account. This is all completely above board. Creditors got £1000 odd ponds they werent expecting and so did we!!! Are they not confusing an iVA with bankruptcy???
It defies logic.
(I might add that £1000 has long gone now, thanks to a poorly car!)

[starbucksqueen]

The thing is what we manage to save from our allowances surely are ours to keep, thats how we get through the iva isnt it?!

This little bit put by helps for Christmas, unforseen bills etc. I'm not sure what the there issue with having a savings account is?

Maybe its time to get some clarity on this from making a formal complaint if this is going to be implemented.

[ridingthestorm]

Withdraw all your money except your DDs and hide the rest under your mattress.... Seems to be the safest now a days !

Its a shame, as people will become dishonest when pushed constantly by a greedy IVA firm

[recovering]

Can we make a complaint together?

[ridingthestorm]

Add me please ! [:)]

[Lou74]

I'm so worried, Ive just sent them all my bank statements for my annual review and Ive done lots of transferring around as I have a few esavings accounts that I use as a "piggybanking" method of budgeting. Theres nothing in them now, but the statements have money going about all over the place!! Its actually starting to really affect me now, all the worry. I just want the whole thing over with now.

[grimswold]

I would love to get together about this but I am not sure I know how we can all get in contact. However, I DO have an idea....but cannot do anything about it until Monday. Who else would join me, and riding, and recovering?

[thisusernameistaken]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by grimswold

This is what has been sent to me today

A savings account in an Insolvency arrangement is not permissible. As you can imagine,
creditors expect as large a return from the IVA as possible.
If there is a savings account in place it implies that there is surplus income that has not been
taken into account. In the event of a large un-planned expense we would be happy to
discuss ways in which we could help. A payment break for instance.
This considered we cannot allow a savings account for the simple reason of its visibility to
creditors.
Yours sincerely
Greg Balfour

He is absolutely utterly and completely wrong.

This is what happens when you let people who don't know what they're doing respond to very important enquiries.

I'm allowed to keep 10%+50% of any commission etc; if I put that into a savings account, leave it in my current account or house out under the mattress is nothing to do with CrefitFix or my creditors.

[Rock20]

Im in Grimswold.

[grimswold]

Love to see how a payment break of my just-over-£100-monthly payment is going to help with an annual oil bill of around £1500 also payable annually HAHA.

[chocoholic2]

Griswold, you can count me in....not very computer savvy, not sure how we can all link up with each other..the only thing I could think of would be an 'invite only' Facebook group, but I know not everyone uses facebook...