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I am in an IVA, and due to the nature of my work, I have some agreed contingency added into my monthly expenses, in case I am out of work and therefore potentially may have no income and could pay the monthly IVA contributions from this contingency. So far, I have not used this contingency ( I am 3 years in ), and I am saving this money up ( i.e it is under my control and in my bank account ). My question is, if I get to the end of the IVA, and the contingency has not been needed, and I have been in work for the 5 years and all monthly contributions paid, will the creditors expect this contingency money to be paid into the IVA at the end?

Hi Larry and Welcome,

I believe your contingency money is yours to do with what you want, usually it gets saved for a rainy day but luckily for you that day hasn't come. I would continue to save it, you never know when an appliance or car might break down. I dont believe the creditors can ask for this money as this was a provision in your monthly expenditure.

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IVA Experts
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Hi larry 1

Your contingency fund is provided for in your IVA arrangement and therefore is yours to keep. Check your paperwork and make sure that there is no mention that should you have any "surplus" funds available on completion of your IVA, it should be paid over. I would find this highly unlikely though.

Sue

Ho Hum! Think I'll bang my drum!

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