I would like to know if i am allowed to build up any savings during my IVA period eg saving contingency money each month if so are there certain limits to what i can and cannot have in my bank account? If i have £700 left in my account at the end of the year will it be taken away?
Hey Kool, if you can manage to save a bit of money from your contingency etc then it's yours to keep. It may come in handy for emergencies or a little holiday. X
It is a great idea to have a savings account whilst in an IVA, as a method of setting aside the allowances you do not spend regularly such as car and house maintenance, clothing and miscellaneous.
Your IP will not need to see the statements for this account, and therefore the money will not be taken off you at the end of the year, so long as the savings are modest.
Melanie is correct, although I would mention it to your Supervisor and as long as the savings are coming from contingency or other items not yet spent - all well and good. As long as the savings are not coming from any increased wages that you have not reported to your Supervisor (IP).
Last edited by David Mond on Fri Oct 10, 2008 12:24 am, edited 1 time in total.
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.
