I just want to save for a house of my own. I'm really concerned IVA will take my savings.

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Jade.21

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Post by Jade.21 » Tue Jul 19, 2016 7:51 am
I have an IVA and I am only one year into it. However my partner and myself are looking at saving for a deposit for a house so when I do finish my IVA we should have a deposit there. We are thinking of using a help to buy ISA but I am just concerned about my IVA and if they will see this as extra money and cease it from me? I'm really concerned and just want to try to save for a house of my own. Any advice will be much appreciated. thanks!
 
 

kallis3

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Post by kallis3 » Tue Jul 19, 2016 8:15 am
Hi and welcome,

It depends on how much you have in savings if it is a lot then the IVA company will want to know how you have managed to do that and may well up your payments.

Is it possible for your partner to open the account in their name whilst you are in the IVA?
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
 
 

Foggy

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Post by Foggy » Tue Jul 19, 2016 9:00 am
To be fair, there shouldn't be a large enough surplus to save a house deposit from, other than from partner's salary or your share (50%) of overtime and bonus payments. If there is your IP will want to do another I&E with a view to increasing your debt repayment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Jul 19, 2016 9:16 am
I agree with Foggy - I can't see where you will be getting enough money from your disposable income to create room for savings.
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
 
 

Michael Peoples

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Post by Michael Peoples » Tue Jul 19, 2016 10:13 am
Over the course of the IVA you can save your share of overtime, bonuses and commission. In addition if you receive pay increases or promotions your payments only increase by half the additional surplus so there is scope for savings.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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