Hi guys I hope your all well.. I have been looking at these prepaid card things that have seemingly had a lot of people I know raving about.. Now I know how this could actually be a good idea when in an IVA and I am tempted myself to get one, but looking at the monthly fee's and what not put me off (guess these companies need to make money out of them somehow). I have had a savings account with my current bank now ever since I started my IVA and have been putting aside bits of money here and there where I have saved on needing to buy stuff, also I have a £10 per month sundries and emergencies expenditure (which as of yet I have had no need to use, so saving this up) and putting the required 50% OT and Bonus into, which was good because I recently copped the bill of £90 that I hadn't paid over, but I was expecting this.
My real question is this, with my savings account I can have access to this account via another Visa Debit card if I ask for one, but would my IP need to have the bank statements for this account also in the review? This is my little way of having a pre paid card, if you see what I mean, by transferring what I use per month into this and only using this card instead of my main account card. I have saved up quiet a bit if I'm honest, but I don't know whether my IP can demand that from me, as its from what I have cut down on, such things as mobile phone expenses and also a bit of selling on all our favourite site eBay.. cheers guys, I hope I have kind of made sense.
Hi darren
Whatever you manage to save from your allowable expenditure or from your share of the overtime is yours.If a bank allows you a credit card then this is fine and your IP will not be interested in this account.
As long as you declare all income [selling personal items on ebay is fine] and your expenditure is realistic and honest then all will be fine
Regards
Many thanks Andy, that has cleared that up, I don't suppose there is a cap of what I can save or is there a point where what I save can be deemed ''too much'' just an item I recently sold on ebay made a few hundred quid and this has been put into my savings, I have planned to already use this to service my car in a few weeks, but can they see that and go, 'Hold on one minute £200 here and we didn't even no about it' but they obviously only applies to them asking for statements for my savings account, I assume by your comment that you mean they really only interested in statements for my current account (the one the IVA is paid from monthly) Thanks again Andy
Your IP ought to be actually encouraging you to save for contingencies, and will not be interested to look at the statements for you savings account. You can save as much as you like out of your allowances, however with the allowance being fairly frugal these days I would be suprised if you will be able to put much away. If you are finding that you are saving a large quantity, then your allowances may be set too high and this ought to be adjusted for the benefit of your creditors.
Thanks Melaine, I do understand what you mean by being encouraged as I would assume that is what an IVA helps you to achieve in the future, as to saving a lot of money, the money I put aside is the emergency and sundries money I have in my I&E form, the only thing that bumps this up is usually the amount of OT I do a month, Like I say, I already paid over £90 this month in overtime from the past 2 months so with the 50% I have £90 myself saved up and this month alone I have worked over 50 hours OT and I am expecting about £500 extra, obviously 50% of that is for my IP so thats another £250 myself plus a few items I have sold on ebay, I am looking by the end of this month a balance in my savings for around £500 give or take, is this expectable? or is this becoming a bit to much? The thing is i shouldn't see why it is, if it is, because its what I have worked hard for and from personal belongings I have sold off.
Good on you Darren. You are taking a very sensible approach to your IVA, and are priorising its successful conclusion above all other things. Go and enjoy your share of that overtime - you have worked hard for it!
Well at the end of the day Melanie, the most important thing financially is my IVA and helping it to proceed without any hick ups is my prioity. many thanks for your continued help and advice, you are a goddess to people like me on this forum.
