www.iva.co.uk

When (i am being positive) my IVA is approved is it possible to open a savings account, was looking at the sainsburys online one? I would look to the £50 contingency into that. It has instant access to money but thought it would be better having it in something like that rather than draw the cash out.

Also while I am staying positive I am also getting nervous at the lack or letters and phone calls from creditors (not used to not having calls most days), the meeting is still 2 weeks away.

Also I am offering 34p in the pound offer to creditors on a debt of around £32,000 does that sound like an exceptable offer. I want to pay them back but if the IVA is not excepted I have not idea what the next step would be.

In over my head looking for somewhere to turn

Hi Hr, dont see any reason why not its a good idea to seperate it .
As for the creditors we found that once the proposal reached them it went quiet so hopefully you may be over the worst of it now.

Ang

I do the same with my car repair/running cost contingency. Was dead useful when my car tax came up, when I needed sum new wipers, and when I needed a dooby ferqin to jump start it!

Not only passible, but essential for ongoing budgeting purposes. Most of my clients are encouraged to do this to cover expenditure which cannot be paid monthly such as car tax.

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

Poorbuthappy and anyone else
If you need new wipers for your cars get them from wilkinsons believe it or not they are just as good and only £1.25 each for the full arm. Half the price of a car shop.

Ang

I was advised (if my IVA is accepted) to save the £50 contingency each month in another account. I have opened up a current account with Alliance & Leicester and a savings account came with it. I will move the £50 each month to that and then pay for things like car insurance/tax etc out of it. If it stayed in my current account I would just spend it!

Hi
Thats the right thing to do.All contingency money and car repairs/tax money must be put aside,otherwise you will spend it,believe me !!
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Saving any surplus money is vital as it will nearly always be needed to offset some unforseen costs during the IVA term.

Best Regards
Oliver

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