I have just started my IVA - have made my first payment and all is good. I work part-time and often have to work extra days to cover others. I understand how it all works re if i earn extra etc and what I need to pay extra, but if i manage to save what I am entitled to keep (first 10% of net etc)and this is hypothetically speaking, as clearly not a saver as would not be in an IVA to begin with, but if i did manage to save a few hundred - will this be taken into consideration at my annual review? anything i plan to have extra I'm sure will be easily swallowed up - xmas, cost of living etc etc, but just in case it doesn't, what happens at the annual review? anything i work extra is never guaranteed.
I doubt if there would be any clauses about savings as every client should be encouraged to do so. There are monthly allowances for medical, dental, optical, car and home maintenance etc. These bills do not arise monthly so the allowances should be saved for when needed.
It would be a bit unfair to take any savings from you just because you were prudent enough to make plans and also your share of overtime is yours to do with as you wish.
Thank you all for your responses. I've only made one payment but as I obviously have no form of credit now, I am being ultra careful with spending and do hope to try and put by any extra earnings for anything expected/unexpected that crops up and don't want to end up victim of my own carefulness and have to hand anything back!
