www.iva.co.uk

How are kids' savings viewed in relation to an IVA?

Both my kids had a few hundred in savings when we started our IVA - something that was never asked about. However, we had to use this money to buy a new (14 year old!!) family car when our old one conked out.

It is now my older son's birthday coming up, and he tends to get quite a bit of money, the majority of which I would normally put into his savings account.

What I don't want to happen, though, is for the IP to say that this money has to be given up to the IVA - it isn't my money!

Anyone have any advice? Obviously I know I can put the cash in a tin under the bed or whatever, but that doesn't help for cheques etc!

Your childrens money won't be touched in your IVA, what he receives as a birthday gift will be his money to keep.

children money has to be given up to the IVA - it isn't your money!

I disagree Iltain, savings that can proved to belong to children will not be included in the IVA.

Childrens money does not have to be given up, it is theirs and not yours and won't be touched.

My daughter is the same - she never saves![:D]

I'm in debt, but I can still send my kids off to an exciting summer camp, thanks to my employer's childcare voucher scheme.

I have been able to put money aside on a monthly basis since joining the scheme last August. On top of the money I saved, tax-free, through the scheme, I am delighted to say that the voucher company also provided us with a further 32% off at Camp Beaumont!

It's truly wonderful now I can sit down and sort out my finances without children and animals scampering around me - not that I don't love them, but the break is a Godsend!

I'm recommending this company: https://www.kiddivouchers.com

I have recommended the kiddivouchers scheme to many friends in the NHS.

Dont think direct links are allowed though!!

Paul

Just realised how far back you trawled to find that old thread! Are you working on a commission basis?!?

Paul