www.iva.co.uk

I am in the first stages of preparing an iva application, and currently setting up a 'safe' bank account -- ie, one where such assets as it may contain will be immune from 'setting off', thereby allowing me to breathe before and during IP negotiations.

Is it possible, I wonder, to quote a figure as to what would be the maximum balance before creditors felt the mickey was being taken.

I must stress I am not talking about salting away 'loot' -- I am as against fraud as any right-minded citizen -- but providing myself with a financial shock absorber against the abrupt cutting-off of all credit -- mainly my monthly pay cheque.

Thanks, by the way, to those of you who steered me towards the Co-op (as opposed to Talkingbank)!

Hi, I'm not sure of an amount that would be 'immune', any monies would need to be declared to your IP prior to commencement of the IVA if it's a 'large' amount as it would be payable into the IVA. However, if it's for your contingency, we all try and save a few pounds to fall back on in case of emergency, as for amounts I wouldn't have a clue as I've not really managed to accrue anything worthwhile as I've played catch up but this year is going to be different. x

Your monthly pay will be fine in there.

There is no upper limit to the savings you can accumulate in an IVA, so long as they come from your share of any additional income or from savings in allowances.

Hi
A months net salary in your bank account, prior to the IVA proposal, should be acceptable. As Melanie states after that you can save whatever you can from your share of overtime and savings from allowances
Regards