Monthly expenditure

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Jones88

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Post by Jones88 » Mon Jan 18, 2021 8:18 pm
Hi.
Entered an Iva earlier this month with Payplan, it’s an individual IVA for just my debts. However my partners income has been included in the monthly household income and all expenditures calculated on a 50/50 split. Once bills have been paid from my account, would it be allowed to transfer the remaining balance into either my partners account or a separate savings account.?

kallis3

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Post by kallis3 » Mon Jan 18, 2021 8:32 pm
You could put anything you manage to save into a separate account - You could open a Co-op Cashminder.
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

Jones88

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Post by Jones88 » Mon Jan 18, 2021 8:36 pm
Thanks for your reply Kallis.
I doubt I will be able to save much if anything but I know some of my costs have been calculated with a monthly allowance however the cost would only occur annually for example service & mot which obviously is need to save for.
I asked about transfers to my partners account so I I can to contribute my share towards grocery shopping, toiletries, essentials for the kids and childcare costs.

Foggy

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Post by Foggy » Mon Jan 18, 2021 9:02 pm
As long as you make your IVA payments, declare any extra income and expenses have been recorded correctly, how you move what is rightfully yours is up to you.

I actually had a couple of cashminder accounts ... income went into account one, where I left an amount to cover bills, IVA and DD's etc. The balance was transferred to account two to cover the variables outgoings like food and petrol, then anything left at the end of the month could be saved --- never a lot, but it paid for a tent in Devon for a weeks holiday (well ... for the pitch) !
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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Jones88

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Joined: Sun Jan 10, 2021 10:46 am

Post by Jones88 » Mon Jan 18, 2021 9:13 pm
Thanks Foggy, that really helps.
As long as a can justify what the transfers are for then I am within my rights to be able to do this? I feel by doing this would give better control over managing our expenses.

kallis3

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Post by kallis3 » Mon Jan 18, 2021 9:36 pm
Yes you can - it is your spare money.
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
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