Savings

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Savings
 

surfingruthie53

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Joined: Tue Aug 17, 2021 2:54 pm
Post by surfingruthie53 » Thu Sep 16, 2021 7:41 am
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Morning :roll:
My question is ,I have savings in a credit union of about £2100. Am I right in thinking that my IP will take the lot if I ask Scottish transport credit union to release the money. Do I have any rights to it,or shall I just keep it with the credit union for the duration of my IVA of which I've just started.
Also,I have been left some inheritance money if approx £9000....this will have to declared to Whyte and Logan...I know that x
Thank you in.advance for your knowledgeable advice.
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Foggy

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Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Thu Sep 16, 2021 8:01 am
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The savings in the credit union should have been declared as an asset when the IVA was drawn up and, in all likelihood, should have been paid to creditors unless it was tied to the account, unable to be withdrawn. Has this been mentioned to your IP at all ?

I am sure that some reading this would say to leave it where it is and don't mention it at all --- it makes a useful 'back up' for emergencies. There are good arguments for this. But, there are also arguments in favour of telling the IP and seeing what he / she does --- you might lose it, or he / she might allow you to keep all or part of the savings. At least you wouldn't be worried about being 'caught out' during the life of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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