savings

[kah]

I have a small amount of contingency money (need to travel for work - pay upfront and then reclaim - all agreed with IP) and sometimes I manage to save a little towards Christmas or birthdays etc. Am I allowed a savings account in an IVA ?

[MelanieGiles]

Absolutely - a savings account is a great idea in which to put your contingency money and other bits you manage to save over the year.

[Vincent Bond]

If the savings are set up to help you budget for the various things listed in your expenses that are paid through the year, eg car tax, services etc then that is a good thing and should be welcomed by creditors - after all it is careful budgeting that will help you through this process.

Be aware that if there were suspiciously large amounts going through such an account, that creditors rightly would want to understand where it had come from.

[aguise]

Lots of us have a savings account, its the way to go there are always thos unexpected emergencies and as tyou say christmas birthdays etc.
all the best
Ang

[Soulgrowth]

If you have an online banking facility you can usually set up an e-savings account alongside. I have three for different 'sections' of my life and the great thing about online banking is that you can switch money across the accounts really easily.

Debbie

[kah]

Thank you for the replies. I'll open an accout with my online bank. No suspiciously large amounts I'm sure.
But just wondering - do I disclose the amount annually or something?
How much would be too much to save (dreaming not reality here ,,, )

[CJ08]

I would say check with your IP and terms for it! I was looking for a way to save while i did an IVA and got conflicting advice and the general impression i got was had to be declared at review/when got to certain amount... always good to have some savings for the extra bits not used!

[angela18]

we started off with a healthy balance but is dwindling now.. bit like mother hubbards cupboard at minute

[plasticdaft]

Given that we wont manage to save a great amount then ours is getting kept in a tin in the cupboard. I dont want to risk putting it into a savings account to find that it gets taken away!!(paranoid or what??)

[LoneRanger]

Not paranoid. Thats probably what
I would do. you only lose out on the interest but the amount i would save wouldt really make a difference on that note anyway!

[aguise]

It depends where the extra has come from possibly, ours tends to build up through overtime so I see no way they should be able to take it as the 50% is ours and the other 50% we have paid, as required in our proposal. We also have a tin plasticdaft, but put money for dentist, car tax , mot and car repair in the savings account . The tin is for us.

Ang x

[Soulgrowth]

A tin is definately a good idea, I've got one of those as well!

Debbie