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Posted: Tue Sep 23, 2008 5:09 pm
by gregoryj
WOULD OUR SAVINGS BE AFFECTED DURING THE 5 YEARS? (MONEY ALREADY IN THE ACCOUNT AND MONIES GOING INTO ACCOUNT DURING 5 YEARS.
Posted: Tue Sep 23, 2008 5:16 pm
by kallis3
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.
Posted: Tue Sep 23, 2008 5:42 pm
by steve532
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.
Posted: Tue Sep 23, 2008 6:21 pm
by MelanieGiles
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.
Posted: Tue Sep 23, 2008 9:37 pm
by plasticdaft
I wish I had savings to go into my trust deed!!!
Posted: Tue Sep 23, 2008 10:45 pm
by kallis3
Savings...............what are those?
Posted: Wed Sep 24, 2008 6:57 pm
by chardonnay
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