www.iva.co.uk

Hi, I’ve entered into an Iva with Logan-Whyte, they really don’t give you much detail and what’s happening. I’ve been reading that you can’t spend anything on ‘luxury or unnecessary’ items, same goes for Holidays. However, as the debts have been paid off and naturally I am left with more money, what am I to do with it? They don’t like you to save it, do I up the amount I am contributing?(£90) . I feel trapped like I can’t do anything, can you offer any advice, thanks, Jack

Your debts will not be paid off until the end of the IVA. You should not have any excess money as all disposable income should have been declared. How do you have any excess money?

Have you over estimated your expenses ? As Kallis says, anything over those agreed expenses should be your IVA payment, at least at the beginning of the arrangement.

Or have you been prudent in spending your allowances ?

Some allowances might be designated as monthly but in reality you might only use them by-monthly ie hairdressers 6 to 8 weeks, dental every 6 months etc ...

We had surplus each month, maybe a few pounds one month, more the next ..we put it away in an envelope and used it for Xmas and birthdays , as well as an odd three night Sun Newspaper holiday ....

Your allowances are yours to keep ... tuck it away for a rainy day x

Don't worry, your payment will go up on your first review.

Tue Sep 21, 2021 6:20 amSteveUK wrote:

Don't worry, your payment will go up on your first review.

Thanks mate