It depends on whether you had substantial savings before you went into the IVA or you made them after you went into the IVA from allowances etc.
If they were significant savings before you went into the IVA (I would say anything over £100) you failed to declare an asset that should have gone to your creditors.
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.
I think it depends. If you failed to declare savings at the outset then it's completely different to you working overtime, handing the iva their share and saving the rest.
Any savings you manage to make from your agreed allowances are yours to keep and do with what you will. This also applies to saving your "share" of declared overtime and bonus payments.
If savings have been made from undeclared income, windfalls etc., then they must be paid in to the amount required to cover the loss to the IVA estate.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'm guessing that if it was savings made before the iva started they would have to be handed over. I had £9k worth of shares as savings and they had to be encashed and paid in to my Iva.
I never had a penny when I initially went into my IVA it was after that I saved as much money as i possibly could or 3 years and I decided to buy a car because I needed one that was reliable etc
Unfortunately I was stolen and now the insurance company have decided to go to my IP direct which I feel is unfair and they want to pay all my settlement to the IVA rather to me
My issue is this is money that I had saved hard for like I have said to my IP the money has to be paid to me then I have offered to speak with my IP to arrange paying some money's to them
The IVA are becoming very threatening And saying they want it all when I need to replace my car as I don't have one
And I need to use some of my savings for other things as well
Really scary time for me as I thought I was allowed to save and have a car
They are also threatening to freeze my bank accounts so I can't have the money
I am not sure if they are trying to scare monger me but it's working
My solicitor who I have spoken to has said they have no rights to freeze your account
So long as the savings were made from allowances and you have declared all earned income so that they can get their 50% from there should not be an issue.
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.
All my savings are from my wages bonus and overtime and birthdays etc
Which I always cover on Annual review I have even had to adjust my payments due to me earning more etc
Thank you all today for all your help it gives me a little piece of mind that I maybe ok I will stop pestering everybody now thanks again
Your solicitor is correct -- your IP cannot freeze your bank account -- indeed he cannot even see it or do anything with / to it. Might I ask who you are with?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Not sure they are not supposed to then insurance ombudsman has given them intil the 22nd to settle my claim and they decided to contact them
They were always told about my IVA too
My car was hit last year and written off
I had told my insurance company about IVA due to some issues with the insurance broker
my insurance company never contacted my IVA firm
how would they know which firm I was with? I was sent a cheque which I used to replace my car
Not sure how that could be considered a windfall? does that mean if we get our houses broken into any money used to replace items stolen is a windfall? sounds like complete idiocy
I don't know what to do really stressed out about it there are threatening me with criminal proceedings if I don't give them all my settlement it's quite frightening I need to replace my car and as of the end of the month I have no revenue as I am starting my own business up and I need to get through the next 3 months. Very unhappy times for me
