High Street saving vouchers were a savior during our IVA. Being able and committed to putting away £10 or even £20 a month once we had settled into our learned spending plan was fairly easy and took away the stress of what to sacrifice at Christmas so we could afford to get the grandkids pressies. I think your IP is either misguided or ill informed to say that you can not have savings.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I think the best method for me is to pay my IVA payment and let me d/d's be taken then whatever I have left I will add all my allowances together food, toiletries, meals st work, petrol etc and take all allowance funds out my account then whatever is left after that I will pay towards my IVA any allowances I have I can spend on what I need to spend them on obviously food etc
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Amy.j
I think the best method for me is to pay my IVA payment and let me d/d's be taken then whatever I have left I will add all my allowances together food, toiletries, meals st work, petrol etc and take all allowance funds out my account then whatever is left after that I will pay towards my IVA any allowances I have I can spend on what I need to spend them on obviously food etc
You pay your IVA payment as agreed --- all that is left after than is yours. The only extra you hand over to the IVA is half of any overtime or bonus (less any disregard -- have a read of your proposal), or windfalls over £500.
Anything else you do not spend goes in your rainy day pot on the sideboard (metaphorically speaking).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I get so confused with all this I've tried reading my agreement but I'm too afraid to ask my IVA provider questions as I feel they will think I don't understand it
Is there anyone that can ring me or I can ring for advise and explanation
I am sure Michael will advise if needed and we will always try to answer any questions here too. You have chosen one of the best (in my opinion) in the business and should have no problems that cannot be resolved. The best thing with reading and understanding the terms is to got at it in small bites, with lots of tea. Read around the forum and pop in regularly, things will fall into place gradually --- it is a lot to take in all at once and a bit of a steep learning curve, but we will support you all the way.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Anything left after you pay your IVA and DDs is yours to spend or save as you see fit unless as Foggy mentioned there is overtime or bonuses. Put whatever is left at the end of the month into a savings account to be used as and when needed.
We will not be looking to take any money you have saved from your allowances as that money is yours. I hope this helps but you are welcome to contact me directly if you have any other concerns.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Right I have contacted my IVA provider and sent in a 6 monthly annual review.
I pay about 550 in bills a month this includes rent, phone bill, IVA payment and other direct debits. My monthly allowance adds up to 400 ish per month spread across everything meals at work, food, toilettes and all the other allowances you allow individuals to have.
I have over £100-200 left in my bank account after I take 550 for direct debits including IVA and 400 for my allowance.
I am being told I can NOT have a savings account! any of these funds like the 100-200 I have left over NEEDS to be paid into my IVA NOT SAVED!!!
Can you contact me directly please Michael, I would appreciate this as I feel very trusted by your comments and I feel being on the telephone to my supervisor I don't know if I'm being told all the facts and truth.
Yes you can save! Put your allowances either into a savings account or keep them at home. There will not be a problem,
Let Michael Peoples know who your supervisor is and he will sort it for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Amy -- you are not being told you cannot have a savings account. What they ARE saying is that you can't have an amount for savings factored into your allowances ... like "Haircuts £10, Car repairs £50, Savings £20".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
any allowances I have I can spend on what I need to spend them on obviously food etc
