Can you save when you are in an iva?

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brian793

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Post by brian793 » Sun Nov 25, 2018 6:18 am
Can you save when you are in an iva

kallis3

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Post by kallis3 » Sun Nov 25, 2018 10:29 am
Hi,

Yes you can - anything you haven't used from your allowances can be put to one side. You shouldn't be able to build up too much though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Foggy

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Post by Foggy » Sun Nov 25, 2018 10:29 am
brian793 wrote:
Can you save when you are in an iva
You can save a modest amount -- a few quid from your agreed allowances or your share of overtime etc. Any large savings would indicate that your allowances are set too high. There is always the "Bank of Mattress" !
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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Radish

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Post by Radish » Sun Nov 25, 2018 11:09 am
I managed to put a little away on my IVA due to the fact I was always at the reduced yellow sticker section of the supermarkets - at the best times! Food and clothing can certainly :idea: be fudged.
IVA complete March 2014 after 6 years.

MerlinL14

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Post by MerlinL14 » Sun Nov 25, 2018 2:34 pm
I also managed to save a modest amount during my IVA, it is do able you just have to be prepared to do without occasionally.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

kallis3

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Post by kallis3 » Sun Nov 25, 2018 3:49 pm
Plus, if you pay your council tax monthly you will get two free months!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

emmac5

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Post by emmac5 » Mon Dec 03, 2018 3:56 pm
Foggy wrote:
You can save a modest amount -- a few quid from your agreed allowances or your share of overtime etc. Any large savings would indicate that your allowances are set too high. There is always the "Bank of Mattress" !
When they check your statements, do you have to pay bills directly? I usually transfer my share to my husband and he pays. Is it acceptable to have one monthly transfer to that named account that adds up to the sum of the stated expenditure on bills?

Foggy

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Post by Foggy » Mon Dec 03, 2018 4:11 pm
emmac5 wrote:
Foggy wrote:
You can save a modest amount -- a few quid from your agreed allowances or your share of overtime etc. Any large savings would indicate that your allowances are set too high. There is always the "Bank of Mattress" !
When they check your statements, do you have to pay bills directly? I usually transfer my share to my husband and he pays. Is it acceptable to have one monthly transfer to that named account that adds up to the sum of the stated expenditure on bills?
They don't generally go into any great depth on expenditure checks, if they aren't changing much, having verified them at the start. If they pick anything up out of curiousity you will be able to back it up with the relevant paperwork from whoever you are paying.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

emmac5

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Post by emmac5 » Mon Dec 03, 2018 4:14 pm
Foggy wrote:
emmac5 wrote:
Foggy wrote:
You can save a modest amount -- a few quid from your agreed allowances or your share of overtime etc. Any large savings would indicate that your allowances are set too high. There is always the "Bank of Mattress" !
When they check your statements, do you have to pay bills directly? I usually transfer my share to my husband and he pays. Is it acceptable to have one monthly transfer to that named account that adds up to the sum of the stated expenditure on bills?
They don't generally go into any great depth on expenditure checks, if they aren't changing much, having verified them at the start. If they pick anything up out of curiousity you will be able to back it up with the relevant paperwork from whoever you are paying.
That's the problem. He doesn't want the IVA I'm considering to have anything to do with him. He doesn't want to show an insolvency company his payslip or statements. Is he compelled to?

I am not yet in an IVA, considering one.

Foggy

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Post by Foggy » Mon Dec 03, 2018 4:24 pm
emmac5 wrote:
That's the problem. He doesn't want the IVA I'm considering to have anything to do with him. He doesn't want to show an insolvency company his payslip or statements. Is he compelled to?

I am not yet in an IVA, considering one.
He is not compelled to co-operate in any way. His life and finances are his own business. They will ask for his income details in order to calculate the fair proportion of household expenses. Without these they will assume a 50 / 50 split. If you are joint homeowners, though, they will require him to agree to a restiction being placed on the title. Refusal for that could see the IVA being refused or cancelled if already started by then.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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