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i contribute to my employers saye scheme how will these affect an iva?

Hi,

I am in a similar situation and currently contribute to a SAYE scheme.

I am proposing an IVA and my IP says I must stop contributions as the creditors will not want me putting money aside in this way. Luckily for me it's only a small amount so I'm not that worried.

However if you have any money in the SAYE scheme the IP will expect you to cash it in and give that to the creditors as part of the IVA.

Hi tres

I expect your IP will advise you to cancel the payments to the SAYE scheme and thus be able to offer a higher return to creditors. If you have built up a fund of savings, then this will have to be disclosed within your IVA proposal as an asset, and likely handed over to creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

I concur with the other experts. You are likely to have to stop paying into this scheme and declare any monies you have already saved in the scheme as an asset.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi
You can understand the creditors point of view,they will normally be writing off thousands of pounds once your IVA is concluded and this is why its only fair to pay in all available money into your IVA.
Regards

I can see why creditors want all available money, but I can also see a case for allowing people to keep a small amount of money that they have saved so that they can use it for emergencies as a lot of us don't have a contingency fund built in! Maybe less IVA's would then fail.

Onwards and upwards!!!