Rampaginghippo, savings will not be touched by the IP, nor will they adjust the I&E if you manage to save from your allowances. Indeed, some of those allowances need to be saved month on month ... car tax, maybe insurance, contingency fund etc.
I was fortunate in my first year to have substantial extra income and still have my 50% share saved for emergencies.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have a savings account but have just purchas a load of premium bonds. Dont make anything with savings accounts these days but ateast with premium bonds you got a chance of winning something
Pay the agreed amount per month is that not the idea ?
I am suggesting if you read my post that you dont need another account just save what you can ie a smaller amount
If I was in my Iva and sent in my bank staement showing a saving per month of £800 then I dont think its been calculated right
As I read in here the idea is to pay back as much as you can ? right So if you are saving vast amounts of money then you are obviously not doing that.
I said about PPI but I get reply of oh no no no you cant have a few quid coz you have to pay as much into the pot
So if you can save vast amounts of cash I see no difference
I never saved and if you are in a position to be able to save then you should be paying more back ?
Sorry if that sounds harsh its not meant to be
Also as a working person of which I know many I can say none of my friends have any spare cash to save My friend lives in his overdraft and eats cheese sandwiches day in day out coz he cant afford to buy anything else
So if you are in an Iva and seem to have this abundance of cash when you are in debt its strange you can actually save enough money for another bank account
do you see my point
good luck if you can save just saying thats all
A savings account is essential for someone in an IVA to set aside allowances each month to cover items of expenditure which do not crop up regularly - such as car tax, property maintenance, emergencies etc. Some people can be disciplined to set those asside in their usual checking account - others prefer to deliberately set it aside and away from temptation
2 If people can save a little from their usual household allowances, to put towards family events like birthdays, Christmas and holidays - IPs will actively encourage this exercise of flexibility. There should be no abundance of cash - in which case your observations that the payments have been incorrectly calculated is probably right.
If you do get paid extra and keep your 50%, there is nothing to stop you from building up a substantial amount in a savings account as that money is yours to with as you wish.
IP's would never ask to see details of a savings account anyway, it would only ever be your current account.
Totally agree with Niobe. If people are lucky enough to earn overtime etc and pay across the extra they should be paying across then what is the issue with them saving their share?, even if over the course of the IVA this does run into a few thousand?, if we had to pay across 100% of overtime or ad hoc extra payments then there would be no incentive for people to work overtime, move on in their jobs via promotion etc. There has to e some give and take in an IVA, if you have pay rises each year they only take into account 50% of that rise anyway so theoretically you could save the other 50% aswell.
