www.iva.co.uk

Once an IVA is agreed and I&E submitted are you allowed to use the money (or save it) if in any particular month you spend less than the agreed expenditure and your income remains constant. I understand and accept that you hand over 50% of any extra income earned but it would be nice to know that you can keep any money left over if you fall below your accepted expenditure in a month ( Im thinking less petrol because youve biked or lower shopping bill because parents have chipped in)

thanks

I should imagine so!!! expenses are never going to be the same every month are they.
people on this forum do save a bit,and some have savings plans!

Yes if you budget well then it is yours to keep. We all make savings wherever possible, you need that bit for any extras that occur. Bear in mmind alkso that things like car tax etc need to be saved for. Its yours.

ang

As far as I am aware there is no reason why not.

We are 22 months in to our IVA and we have just started to save. The way we do it is to have separate accounts for the main bits of the expenditure then anyhting left over is kept as savings or transferred into our savings account.

Lou

Hi anais -

I have a cashbox and put my contingency allowance in there each month. But to be honest - it never lasts long really. Something unexpected always crops up - or I fall prey to temptation and buy a small extra item!!

Good Luck!!!!

Hi Anais,

As the other posters have mentioned you can keep any cash that you don't spend each month. If you have a contingency fund it is a good idea to add the extra cash to it and place it in a savings account. That way it will be there if something unforseen happens.

Kind regards,
Terry Balfour
IVA.com

Absolutely - if you want to make economies on your expenditure, then of course you should be able to spend that money on other things. I suggest that you set up a separate savings account and try and save a little for a rainy day - or Xmas, birthdays and perhaps a modest holiday.

Thakns guys!

My young daughter keeps asking me where she is going on holiday this year and it beaks my heart not to have anything planned. Gonna get selling on ebay today! will not let her down!

good for you... I've started selling as well... and you know what it feels good!![:)]

Hi anais ... there are lots of things that you can do with children that don't have to be expensive ... mine used to love going on a coach trip ... even a walk down to the local park with a picnic ... afterall, it's what we used to do in the old days!! I think the first holiday I went on was when I was 18!! I think others here have managed to get some good bargains with things like The Sun giveaways ... although that offer is probably finished now ... but next year perhaps ... but what I am trying to say is that just because you cannot give your daughter a big holiday don't feel as if you are a failure ... there are lots of fun times that you can have together in other ways ... and the most important thing is that she has a loving, less stressed mum [:)]

Debbie