www.iva.co.uk

Im just going through an iva and have had to open a basic account with a new bank account. I also have a bit of savings in which im opening a post office savings account for now. Will the iva people know about this account? Its my savings i dont want them to have it. I want to be a little happy in life. Thanks

Depending on how much you have in savings depends on whether it needs to added to the iva pot. You will need to declare your savings to your IP and discuss with them the next steps

I agree with luluj - you are allowed to make some savings but not vast amounts. I'm afraid an IVA means you have to tighten your belt somewhat.

Most IP's ( but not all) are happy for you to have a modest bit of savings set aside for that rainy day, however, the bottom line is you owe money -- you are insolvent. You cannot hang onto any decent sum when you owe others.

If you have savings this money should form 'cash in hand' and be included in your IVA. If it is a small contingency fund it could be excluded.

Think I would be inclined to withdraw the savings and put it under the mattress for a rainy day. Yes some people will say its wrong but if its not in any account when you enter Iva then surely they wont know?

Totally agree Andy from the point of view - you hand money over to you IP - which is the right thing to do in many respects as you owe money - and your car/fridge/tv breaks down? Your IVA wont lend you the money back - they might let you miss a payment or two but it could be a long time till the next payday and you might need an item now. Swings and roundabouts.

If its a material sum and you hide it from the IP you are putting your IVA at risk of failure/void for failing to disclose all assets and falsely signing the statement to say you have disclosed all relevant information...