I agree with size5 what is wrong with saving say £500 over a year for a rainy day.If as lisa says "if you save some money then hand it over to the creditors"you may as well spend it each week.
I've been saving my loose change for a couple of years to pay for a weekend away when it's all over.
I bet there's a couple of hundred quid in the tins
Today 1st of December 2016 the vultures finally flew away
Completely agree with size5 on this. If we could not live frugally in order to save for our children's birthday and Christmas presents, school trips etc the IVA route would be a no go for the majority. I've been lucky with large uplift payments but this has paid for major purchases ie new boiler etc without having to prolong the IVA. I also saved £1,£2 coins and £5 notes. The grand total was in excess of £1500 which has been used towards a holiday. Saving should be and is in most cases encouraged and if we can shop frugally and make cutbacks on our groceries I do not think that this should be handed over to our creditors. It's all part of our rehabilitation!, This point is another which highlights the importance of shopping around for the right company to handle your IVA otherwise your 5/6 years could be a complete misery. Anyway I'm all for doing things correctly but if you're putting your small change in a pot under your bed who on earth is going to find out or care!!
It's all about proportionality - there is a vast difference between £1k in savings and £20k in savings during an iva.
The former represents a positive view of savings that is required to cover for emergencies- the latter represents a significant asset acquired during the iva.
It also comes down to the role of the ip - is the ip there to reeducate/ control the finances of someone in an iva or to supervise that the agreement is being run correctly?
If the latter the ip should have no view on the matter.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I did, and still do, online surveys to earn cash and vouchers which I save up and use at Christmas. It makes Christmas very cheap and all it costs me is time.
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
At the end of the day its up to the creditors to decide whether por not they accept the contribution figures put forward by the debtor. If the debtor is then able to make some 'savings' within the accepted amounts then fine. The problem will arise when debtors are putting in sums for savings in their initial I&E forms on day one and expecting creditors to accept that.
The proposals (and calculations therein) have to be fair to both sides and realistic.
That is fair enough, and the good news on that issue is that the introduction of the new SFS WILL have an element of allowable expenditure for savings, although it is unlikely to be a lot.
Before we go hanging out the bunting though, it remains to be seen as to whether SFS replaces SC expenditure guidelines for IVA proposals. SC have stated that they will implement, but I remain to be convinced, as they were vehemently opposed to losing their own figures when I sat on a working party at MAS last year. Also, voting houses may simply still use SC as a means of upping debtor contributions, whilst paying lip service to SFS, so really we are in a "watch this space" limbo period.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
In other words no change then with inequitable variations still likely based on what makes an iva viable and the moral agenda of the ip.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
One of the professional bodies for IPs (terms of reference were from around 2012/13) stated that one of goals was the financial reeducation of the debtor.
That is a subjective objective based on what an IP believes they should be doing.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Surely trying to save in an iva whether a small sum of £500 or a large sum of say £2000 is reeducation of a debtor,a IP should in some way be pleased that the debtor is able to save instead of spend spend spend mentality.
If an IP has turned a debtors life around from a spend spend spend mentality to a save save save mentality the said IP has done his/her job for debtor. Whether or not the creditors would be happy with this is immerterial in the grand scheme of things.
It's the debtor that needs reeducation in money not to be screwed and and humiliated for six years
Today 1st of December 2016 the vultures finally flew away
[quote="Lisa
You can try for a contingency within the I&E figures or 'save' from your share of overtime and bonuses that you get to keep. Other than that anything classed as a saving should effectively be paid over to creditors as you are disclosing that you have more than enough to live off and want to keep the extra for yourself rather than pay it towards your debts.
[/quote]
In regards to car pcp balloon payments if you know you have the pcp in 3 years time are you not allowed to try save this to pay that off rather than having to refinance?
If it is expected to be roughly £3,000?
Thu Mar 04, 2021 12:37 pmCmb2312 wrote:
[quote="Lisa
You can try for a contingency within the I&E figures or 'save' from your share of overtime and bonuses that you get to keep. Other than that anything classed as a saving should effectively be paid over to creditors as you are disclosing that you have more than enough to live off and want to keep the extra for yourself rather than pay it towards your debts.
In regards to car pcp balloon payments if you know you have the pcp in 3 years time are you not allowed to try save this to pay that off rather than having to refinance?
If it is expected to be roughly £3,000?
[/quote]
Unless you are saving from your share of overtime it is unlikely that you could save more than a few hundred pounds a year (if that).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
