Hi all...I am 7 months into an IVA and I am finding this iste very useful.I have noticed on some posts the words..'contingency funds'..whilst I appreciate what these are...how much are you allowed per month? Or what is the average...thanks
It will depend on your income and whats spare. Some people manage to up there contingency by saving from other parts of the budget. For example if you had a food budget of £80 a week but got by on £75 you could save £5 x 52 weeks = £260. Or perhaps you could save money elsewhere within your budget.
I have known some people to not be allowed a contingency and others to be allowed £50 plus.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Save as much as you can from the allowances you have been provided with as part of your IVA proposal. There are bound to be one or two rainy days along the way!
It is really good advice to say along the way, I'm unable to do so at the minute as always playing catch up but at the minute we're looking at new tyres for our car now pre MOT and have no contingency put by.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
You should do, but it doesn't always cover big expenses.
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
Its helpful at the start of the process to save some money from not paying your creditors as you can save quite a bit for a contingency fund that way as 5 years is a long time and there are always things going wrong, e.g. boilers, cars, etc. I know this isn't relevant once you are 7 months in but useful for readers of the forum who are starting the journey......
You can always take a payment break if something major happens though and just tag the payments on to the end, or spread them across a few months.
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
