Hi, it depends on how much your savings are. You are allowed a small amount of savings, usually what you can put by from your allowances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
In the setting up of your IVA any savings will be assesed as assets in the same way an endownment or expensive car would be. I believe you will have to declare savings and pay them into your IVA,
In reality if you are insolvent you would be using your savings to supplement your wages to service your debt.
I assume that you are talking about if you enter into an IVA? As Steve says, your savings initially will have to be paid into the IVA as an asset, but your IP will actively encourage you to make modest savings throughout the IVA in order to ensure that you have sufficient monies available to pay for annual items such as car tax and contingencies.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'd love to have savings!! I used all mine up trying to clear thedebts my ex-partner left!! I keep trying to save pound coins, but somehow I seem to always needthem for essentials come the end of the month - I supposethat shows my I & E is right as I just have enough to live on!!!!
C
