I’m in the (possible process) of moving from a DMP to an IVA - I’ve been paying £160 a month with DMP and my IP is looking to put together an offer of £100 a month to IVA. As I’ve been furloughed for a year with covid and with everything closed it obviously means there’s more money than normal in my current account - i.e. there’s been refunds from a cancelled family wedding holiday abroad that was initially bought before entering the DMP and I’ve been especially careful with spending. Xmas cash gifts were given to me due to being furloughed (and on a paycut) however none over £500 and this doesn’t affect DMP anyway.
As with everything else none have this has been spent but is intended to be used for the family wedding once everything returns to normal. There is no extravagant spending on my account this year apart from bills, food etc.
The amount in my current account is approx £2000 give or take DD that still need to come out for bills this month however given that I was originally paying over £700 a month to creditors I would expect new savings to be normal when going over to a DMP.
The IP will be looking to explain that expenditure since last March has not been considered normal however I am worried my bank account will be cleared leaving me with nothing for next month or any emergency situation/hopefully planning the family wedding again. Is it advisable to move these extra funds to a different bank account whilst I’m still under the DMP? I have no savings account or ISA due to moving to a DMP last year and I moved banks last March.