As I said - I cannot understand why the IP is blocking this payment if it is met out of allowable expenditure, and I would urge the poster to discuss this directly with the IP given the relatively modest amount of money involved.
Totally agree with Melanie here. Mrs.Beans had to give up one of these for the same reason, i.e showing on wage slip. If we didn't spend any contingency for the next 5 years we would only end up with £600 anyway!!
I wonder if it would make any difference if you could fund it from overtime (if possible to get any).
I can understand more it being at issue at the beginning of an IVA, but half way through if it is being funded by savings in another area I would not necessarily have an issue so long as the payments were modest.
I have again discussed this with my I.P. and I keep getting the same thing repeated to me, you are allowed to save money for emergencies and the such like, the I&E form that I submitted is for living now and for the term of my IVA, if I am able to put aside a regular payment into a SAYE (whatever the amount), this means that my I&E form is incorrect and should be reviewed.
There is no way around this as it will show up on my wage sheet as a voluntary deduction....which should be made available to my creditors.
Unfortunately it looks like my I.P. is sticking to the letter of the law on this one and I have to abide by her decision.
Thanks to everyone for their opinions, unfortunately my I.P. doesnt share the same one[:(]
Well I think it is pathetic for the sake of a tenner a month.
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
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.
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 am in a similar position to Endsmeet. My employer is offering SAYE schemes for 3,5 or 7 years.
I'm in a DMP at the moment so I wouldn't be able to afford to pay anything into it myself. However, I could ask a family member to make the payments on my behalf so they can take advantage of it rather than me. I'd like to enter an IVA in the future and am wondering if doing a SAYE might prevent me being accepted for an IVA.
Even if an IVA was accepted, could the creditors not legally claim the money saved as it is still under my name even if my family is paying the monthly contribution ?
I don't think that you would be allowed to use someone else's money to invest in your own Sharesave scheme - but check with your employers if this would be possible. If so, then just keep proper records of your relative's contributions so you can show that this is not your asset.
Unfortunately whilst in an IVA one cannot have an allowance for any type of savings scheme - certainly whatever has been agreed as "Contingency" can be saved together with any savings from the monthly spend.
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'm not proposing to include a savings allowance in the IVA budget. The employer would deduct £100 per month from take home pay and the family member would pay £100 per month towards the household budget so the two cancel out.
It's a bit like having someone pay your stakeholder pension contribution whilst you're in the IVA so you don't miss out on tax and company matching incentives. Some company schemes pay matching, tax and NI rebate so a £69 net contribution becomes £212.80. Would this be allowed or classed as saving so disallowed even if you weren't paying it yourself?
I've heard that sometimes you can put pension contributions in the IVA budget if you're in a Final Salary plan where you would have to leave the scheme if you didn't pay the specific employee contribution rate.
I can't speak for the SAYE scheme, but I have a final salary pension scheme, contributions deducted at source, and it was never queried when I entered the IVA.
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
