income and expenditure

[anais743]

whilst in an IVA what happens if you spend less than the agreed I&E? For example if your housekeeping entitlement is £350 and petrol allownace is £50 but one month say you only spend £350 on both by cutting back are yuo allowed to use the rest on treats or save it?

regards

[Lisa2009]

Anything you manage to save from your agreed I&E is yours to keep. Personally i would save it for emergencies and unexpected expenses.

mrs skint

[emma_t]

Hi anais743

Its yours to keep.

I always transfer any left over to save for any emergancies that may arrise.
I have only been in my iva since November and had no emergancies so far [:)] but I am sure there will be some tough times ahead.

Good Luck
Emma x

Also make sure you are saving for things like car tax, mot, insurance and such like

[anais743]

thanks emma for that! xx

who keeps track of your I&E then providing your maintaining your iva payments? eg does anybody check?

[Martin2011]

Hi Anais,

Don't think your I&E is checked once agreed, although you do need to inform your IP if there is any substantial change in either. As Emma siad, if you can make any economies in one month, well worth setting leftover money aside, however small an amount. With care you can build up a bit of a cushion, which can be really helpful when something unnexpected crops up, or indeed for that odd special treat now and then....

Bset wishes,

Martin

[emma_t]

Your I&E should be checked at your review or according to the terms of your iva.
Just remember to check your iva terms as you may have to pay over some of your overtime any bonuses. I have to pay half to mine and send a cheque for half as and when it arrises.
As Martin says if you have any significant increase in your wages I would contact your IP for advice as you may have to pay some of this into your iva.

I, like Martin, have tried to build up a bit of a 'cushion' for any unexpected things. It helped as I had my bonus at Christmas and after half was paid over the rest went into my savings account.