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Posted: Tue Jul 19, 2016 7:51 am
by Jade.21
I have an IVA and I am only one year into it. However my partner and myself are looking at saving for a deposit for a house so when I do finish my IVA we should have a deposit there. We are thinking of using a help to buy ISA but I am just concerned about my IVA and if they will see this as extra money and cease it from me? I'm really concerned and just want to try to save for a house of my own. Any advice will be much appreciated. thanks!
Posted: Tue Jul 19, 2016 8:15 am
by kallis3
Hi and welcome,
It depends on how much you have in savings if it is a lot then the IVA company will want to know how you have managed to do that and may well up your payments.
Is it possible for your partner to open the account in their name whilst you are in the IVA?
Posted: Tue Jul 19, 2016 9:00 am
by Foggy
To be fair, there shouldn't be a large enough surplus to save a house deposit from, other than from partner's salary or your share (50%) of overtime and bonus payments. If there is your IP will want to do another I&E with a view to increasing your debt repayment.
Posted: Tue Jul 19, 2016 9:16 am
by Lisa Thomas
I agree with Foggy - I can't see where you will be getting enough money from your disposable income to create room for savings.
Posted: Tue Jul 19, 2016 10:13 am
by Michael Peoples
Over the course of the IVA you can save your share of overtime, bonuses and commission. In addition if you receive pay increases or promotions your payments only increase by half the additional surplus so there is scope for savings.