www.iva.co.uk

Hi everyone!

Please could anyone tell me about savings in an IVA?

Ok I know I'm not to meant to have any spare cash during my IVA but if I manage to save some money during my IVA or my parents want to give us some, what can I do with it?

We have two children aged 5 so I was thinking about opening them a savings account and putting any spare cash in their names.
Is this ok to do or will the creditors find it, or will we have to tell them in the yearly review? will they want it back?

Just looking at Savings accounts, looks like they can't get one and I'll have to take it out for them so is that going to be ok or not?

Many Thanks

As long as you are straight with your income and expenditure figures you are perfectly entitled to save anything that you can. There are things you have to save for like the monthly allocation to car tax has to be saved somewhere until it is required. Also there are small gifts, your share of any overtime, etc.

During my IVA I opened a savings account with the Yorkshire Building Society with no problems at all. Little Foggy also had an account with the Swinton. Needless to say, he has more in his than I do in mine !!!

Saving is good ! Gifts from family members to you and your children are fine too and can be spent or saved.