For the past few months I have had lots of spare cash left by the time the next payday comes round. This is down to the large monthly bonuses I have been receiving from my employer. I use the 10/50/50% rule but with bonuses of upto £700 per month a can easily have £200-£500 left over.
I am nearly 4 years into my iva and I think that I have learnt to spend a whole lot more carefully which is why the excess money isn't getting spent.
I am saving this money up but will this cause me a problem when I have for example £2000 saved up over 7 or 8 months?
Hi Dan. No, there should be no problem with monies saved from your share of the bonus payments -- after all the creditors have benefited from your hard work too !
On the plus side, from the creditors point of view, if anything goes wrong with the car or boiler or some such, you have a fund to draw from rather than asking for a payment break --- so they enjoy the "cushion" too.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree with others, shouldn't be a problem, IVA is paid and the rest is yours to do as you please with, well done on the savings and glad the IVA is working for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
