Basic account for savings

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nu4an

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Post by nu4an » Wed May 20, 2015 11:16 am
Morning all,

As title really, currently any savings I make at the end of the month out of my allowances, I put away in a pot for emergencies and incase of unexpected costs such as car repairs.

As I set up a basic account before I started my iva just incase I needed to change banks will I be ok to put savings Into that account? And will my iva company see it as an asset if I get some savings behind me?
 
 

Foggy

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Post by Foggy » Wed May 20, 2015 11:31 am
Generally there is no problem with savings you make from your allowances and shares of o/t etc, indeed most IP's encourage the saving habit as financial good sense.
However, there is at least one firm, judging by recent posts, that do not share this view. Unfortunately the poster does not want to name the firm, so we are none the wiser.
I would suggest a chat with your IP to clarify before accumulating too much.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

nu4an

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Post by nu4an » Wed May 20, 2015 12:13 pm
Thanks for the reply foggy, currently what i had saved has gone onto two new tyres and for an MOT which past, but would like to put some aside for getting a car serviced and for emergencies.

Will drop IP an email, its not every month that i get some spare at the end so was just worried that if they see that if some months ive made a saving that they will think i can pay more as some months i just about get by.
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu May 21, 2015 2:37 pm
You should be able to retain part of any extra monies as Foggy says so these savings are legitimately saved post IVA and should not be an asset of your IVA but ensure you can back up the figures to how the monies have come from your 50% of extras otherwise it could indicate your base contributions are too low...!
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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