Ok - do what we do - set up a standing order for your contigency to go from main bank account into a separate account for emergencies for household and all our car maintenance monies etc - then set up a standing order from that account into a savings account each month. Your IP will see your bank statements for your main account and it will appear that you are simply transferring your contingency etc across - they do not see the supplementary accounts and therefore will not know that you are saving £10 a month !
In an IVA you need to save - you are rehabilitating from your days as a heavy spender, and it is a positive step forward to save a little ! Go for it !
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There is a solution for everyone .... Just need to stay positive !
Sorry - but I just don't see a problem with this at all - unless you have some form of clause in your proposal which says "no savings" which would be unusual. Even if it is deducted from your salary, you could reduce one of your expenditure items by a similar sum, and still maintain your IVA payments.
But if your IP says no - then they must be saying no for good reason. Which firm are you with as a matter of interest?
Surely my pension and union subscription straight from pay then should not be allowed ! I agree Melanie - if we can save a little from here and there to allow for a little savings each month then so be it - we all need to have a little behind us !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It seems ridiculous to me - is the IP saying that people shouldn't have savings for car maintenance, contingency etc as if they don't spend it it should be paid into the IVA?
I was allowed to keep my pension payments in my IVA and BR, but like Luluj says using this logic it shouldn't be allowed!
My I.P. just wont give way with this, I too pay pension,union and various other 'little' things out of my salary so I cant see that a tenner a month would make any difference at all...but it seems too ????
I've had a look thru my chairmans report and I cant see anything related to savings....I don't even have an overtime clause
Im wilth Payplan Mel, they have been great with me so far so I cant really understand this.
Thanks to everyone for all your comments, my I.P. says no so I have to live with that. Theres is no way around it as it will show up on my wage sheet and no matter how I explain it, I am not allowed to join[:(]
There is a representative from Payplan called Kazz who infrequently posts on the forum. Perhaps she can throw some light on their reasoning behind the decision for you. Hopefully she may be looking in tomorrow.
The problem is that a SAYE scheme is not appropriate whist you are in an IVA. If you can manage that then creditors would expect it for themselves. The best way would be to save it yourself out of your allowances but not as an allowable expense which you are allowed to have.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I still think that a minor amount, such as £10 should be allowable. In the overall scheme of things in an IVA, it is not going to make a lot of difference.
I pay into a lottery at work, which is deducted at source, and I have not been told to knock this on the head.
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
David, are you saying that if by cutting back someone manages to save £10 a month from their housekeeping for example they shouldn't be allowed to do this and should pay the money over?
No I am not and I am sorry I did not make my post clear. What I was saying is that this £20 could not be part of someones monthly expenditure either deducted at source by the employer or put on the outgoings side of the I&E form.
However if a person manages to save this amount from more frugal living then that is OK and that money does not need to go into the IVA pot.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
My IP must have overlooked my lottery payment then, as it quite clearly states on my wage slip what it is, and the amount, and I was never asked to stop paying it.
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
I really don't see the harm if the IVA payment is still being made. If someone had £250 housekeeping but reduces it to £230 so they can save then I don't see the issue if it's deducted at source or not. As I said before surely all pension contributions should be stopped using that logic, as it's saving money that could otherwise go to the creditors.
