www.iva.co.uk

Hi All

Thinking ahead to my review can anyone advise me on this...

If you save money on the expenditure levels set when the IVA is created, when reviewed would the levels be dropped to match what is being spent.

I am trying to save as much money as I can on monthly expenditure but worry that if the levels are brought down that I will end up worse off long term.

Anything you save on housekeeping and the like is yours and future spending will not be reduced. However if, say, car insurance goes down or you cancel sky, THAT saving will be used to increase D.I or cater for increases elswhere in the budget.

Just because you have had a good few months with the shopping doesn't mean it will last!

Well done to you for making savings - I am sure around birthdays, holidays and Christmastime those few sacrifices will be well worth it.

I used to do the same, try and save a few pennies here and there...mine was always for a night out, once every 4-6 weeks, only needed £15 but knew that was my goal.

Thanks for your advice folks. As I suspected if I save money on bills I will lose that saving in the next year

Hi Mrsfaz,

You will have to put that money into the IVA when the review time is around, but don;t forget that as one bill goes down, another inevitably will go up !

Very good advise MrsR, that seems to be the case over and over again, just as you think you are going to make a saving another bill increases and so on...