Its not about what is in your account - its about affordability after all bills have been paid first.
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.
Any amount in your account prior to your creditors meeting will be noted as an asset and if your IP/creditors feel that it is more than is needed for your monthly expenses then an amount above this may have to be paid into your IVA once agreed
Many IP's will overlook a modest emergency fund ( say a few hundred pounds). Anything approaching a sizeable sum would be considered an asset to be handed over.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
What I did was stop paying creditors and save that money up as a contingency fund prior to entering the IVA. My IP had no problem with that.
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
As others have said a small amount as a contingency is fine ..when it reaches '000s I believe they would want it as an asset.
I held a small emergency pot at home during my iva as there will always be something that crops up.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
