Will iva take your saving

[nongnaleon]

Hi All
My and mywife we've got saving aroud £10000.This saving happen after we are in an iva Will they take our money if they know about it(The iva start december 2007)

[Lisa2009]

Nosey question i know but how did you manage to save that ammount while in an IVA?

[Viki.W]

You will have to inform your IP, where did the money actually come from. You may be able to keep a little bit but the rest will have to be paid to your creditors. If you want to post a few more details the experts will be able to help.

[nongnaleon]

Hi
We manage to save that money because we run our own business and all that money come from when you stop paying all your creditor while your waiting the process of iva around 5 month.That money was all normally payment each month.But we save that for pay our expense in business as well when the business is need and it seem to be we have to withdraw them soon for pay the rent in premises and all supplier.

[Lisa2009]

You will need to discuss this with your IP and fully explain what the money has been set aside for then hopefully it shouldnt be a problem.

[MelanieGiles]

That money should definately be made available to your creditors now, especially given that it was saved up at their expense when it could have been paid to them in the interim period when your IVA proposals were being worked on.