www.iva.co.uk

Hi

I have a £5k National Savings certificate left to me by my Grandma. I have declared this to my IP but was wondering if I am allowed to keep any of it as my car needs servicing and it will be about £360 if I want to keep up the service history and get the brake pads renewed.

The certificate is due to mature next May but I could cash it in tomorrow and the service is due right about now, although it can wait.

Obviously I want to put as much as I can into the IVA but I don't have the cash to get the car serviced right now.

My quetion to the experts as mine isn't here right now....is this an asset or a windfall and am I allowed to keep any of it?

Not sure Cath, but as it has obviously been factored into your IVA proposal, you should really speak to one of Mel's team about it.

I have emailed Ang and she is referring it to her manager. You know what it's like when you want answers now!

I could have cashed it in before we went to IVA but I didn't.

Still awaiting proposal details.....still in limbo!

Let us know what they say.

Yes I can use it to get the car serviced. The thing that is in my head now is that if I cash it in now, it will be worth less to my creditors than if it ran to maturity. Decisions, decisions!

I would get your car serviced Cath if possible as in the long run that will hopefully prevent any problems with the car, unless you can afford to fund the service another way?

I agree with Lesley. Getting the car serviced now while you have the money could prevent problems in the long run.

I agree that you should get the car serviced Cath.

Well the service is just overdue so really I should get it done. I got the certificate valued and there will be a little bit more than £5k left after the service and I know I need new brake pads.

The thing is though, I don't want to be in charge of the money once I have cashed it in....how silly is that!

Not silly at all - just make sure that you get your serviced and have the brakes done. Ask Melanie if you can pay the rest across to her before your meeting? That way you won't be tempted to use it.

Yes, I was thinking that they probably have a client account for things like that.

Scary stuff! Imagine being scared of money lol!

Hey Cath, always best to think safety first and get your car completely sorted. My IVA included a windfall clause, I was allowed to keep up to £500 but the rest would have to be paid into the IVA. Hope this helps.

Yes mac you're right about safety. I ferry my kids here there and everywhere in it.

I'm not in an IVA yet but have declared this asset to my IP.

I did think prior to applying for the IVA to get the service done and put it on a card but my conscience wouldn't let me do it as I knew then I was already deep in the mire.

Get the car sorted Cath - that's the most important thing at the moment.

I have ordered the cashing in form. Will get the car serviced ASAP and live in a darkened room until I pass over the rest of the money!