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Savings

Posted: Sun Jun 23, 2019 9:26 pm
by suzan
I am in a Iva 2.5 years after a year my health deteriorated With arthritis and fibromyalgia and had to change my job due to my feet and legs hurting plus the stress gave me flare ups ,was on a good wage 😀 because of low income I was eligible for tax credits I also get a disability benefit don’t know how much longer I can work because of ill health and opted into a government saving plan the limit is £50 a month , if I don’t withdraw anything out for 4 years I get half back of what I paid in .. a saving plan for my car repairs ..or the unexpected always in the garage do I have to tell my Iva I am doing this ? Or will they make me draw the money out ( saved £300 up to date ) ...advice much appreciated.

Re: <t>Savings</t>

Posted: Mon Jun 24, 2019 8:02 am
by kallis3
You should be ok - most of us did a savings account whilst in an IVA. As long as it doesn't amass into a large amount it's good to have something to fall back on in an emergency.

Re: <t>Savings</t>

Posted: Mon Jun 24, 2019 8:17 am
by Foggy
As long as you are funding this by sacrificing other expenses it should be OK. You will not be allowed the £50 a month as an expense category.
If the account matures, or you draw out a portion, during the IVA, the 'bonus element' could be looked at as, possibly, an amount due to the IVA.

Re: <t>Savings</t>

Posted: Mon Jun 24, 2019 7:00 pm
by suzan
Thanks for your reply ...yes it will be quite a lot at the end of the 4 years ( £50 a month for 4 years ..only allowed 1 savings plan in the 4 years £1.200 Interest ! They haven’t questioned me as they have seen my bank statements ..