www.iva.co.uk

We have decided that we are going to save a small amount each month in a company sharesave. The money is deducted each month from the salary, but I am wondering whether we should as the scheme is administered by a bank who are one of our creditors, so they may take any money we pay into the scheme. Any advice please.....

How will you afford these savings if you are in an IVA Purple Butterfly? Is this intended from savings you make to your usual allowances?

The bank cannot grab the monies - so you are safe on that particular area.

Hi Mel, we were only looking at £20 per month over 3 or 5 years and would be from saving we make from our usual allowance. We need to get some money saved towards a car as ours is going to need to be replaced. Good to hear our money will be safe, and thank you for your advice.

I can see no problem in you making a modest saving or the amount you have confirmed, and the growth on shares may well exceed current bank interest rates - so good luck with all of that.