www.iva.co.uk

I cant believe that 8 months had passed since my IVA was approved. My first year audit is nearly up, I am getting a bit nervous, as I am not sure what my IP would say when I present all the documents required.
As I do not want to go overdraft, I always make sure that there is some money left in my account before the next pay day, roughly around £ 200. Would my IP sees this as an excess and would increase the amount I pay into my IVA? Is it ok to save a little whilst in IVA? Any advice would be greatly appreciated.

Hello,

I doubt your IP would see this as an excess as you are allowed to make savings whilst in an IVA. Just make sure that your income and expenditure is up to date for your review.

I think it's safe to say it's fine to have a bit of a buffer on your IVA and you're controlling your bank account.

Saving is fine from allowances or your share of any uplift etc.,

Well done on you to be able to retain a good buffer in your account each month...so long as it is saved from your allowances you're fine to saves little each month.

As others say make sure your expenses reflect your true costs and nothing is missed off.