Can I save while I am in an IVA?

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hannah484

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Post by hannah484 » Wed Oct 02, 2019 2:20 pm
I am currently going through an application for an IVA. I am wondering if I can save money within the monthly amount that has been set by my IP? And if I can save it, am I allowed to set up an Help To Buy ISA and put the savings into that? Is that allowed as part of the IVA?

kallis3

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Post by kallis3 » Wed Oct 02, 2019 2:23 pm
You can save money from your allowances if you can. Not sure about the ISA though as you will be unable to buy a property whilst in the IVA.
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Foggy

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Post by Foggy » Wed Oct 02, 2019 2:44 pm
If you consistently save, say, £50 a month to an ISA, creditors will be wondering why they can't be getting that instead and might want your expense allowances reviewed. Whilst saving modest amounts from your share of overtime and expenses, maybe the odd small windfall, is to be encouraged, regular savings will be looked at with different eyes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Marty171

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Post by Marty171 » Wed Oct 02, 2019 4:54 pm
My IP told me categorically that i couldn't setup a help to buy and if i did any money in it would be due to the IP as its classed as an asset and would be payable into the IVA
IVA Started 07/07/2017
F & F Accepted 06/09/2019
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