Permissible amount in new 'safe' bank account

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Harry Wake

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Post by Harry Wake » Sun May 09, 2010 8:44 pm
I am in the first stages of preparing an iva application, and currently setting up a 'safe' bank account -- ie, one where such assets as it may contain will be immune from 'setting off', thereby allowing me to breathe before and during IP negotiations.

Is it possible, I wonder, to quote a figure as to what would be the maximum balance before creditors felt the mickey was being taken.

I must stress I am not talking about salting away 'loot' -- I am as against fraud as any right-minded citizen -- but providing myself with a financial shock absorber against the abrupt cutting-off of all credit -- mainly my monthly pay cheque.

Thanks, by the way, to those of you who steered me towards the Co-op (as opposed to Talkingbank)!


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Post by Shining » Sun May 09, 2010 8:51 pm
Hi, I'm not sure of an amount that would be 'immune', any monies would need to be declared to your IP prior to commencement of the IVA if it's a 'large' amount as it would be payable into the IVA. However, if it's for your contingency, we all try and save a few pounds to fall back on in case of emergency, as for amounts I wouldn't have a clue as I've not really managed to accrue anything worthwhile as I've played catch up but this year is going to be different. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by kallis3 » Sun May 09, 2010 8:51 pm
Your monthly pay will be fine in there.
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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Post by MelanieGiles » Mon May 10, 2010 12:27 am
There is no upper limit to the savings you can accumulate in an IVA, so long as they come from your share of any additional income or from savings in allowances.
Regards, Melanie Giles, Insolvency Practitioner

Adam Davies

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Post by Adam Davies » Mon May 10, 2010 9:22 am
A months net salary in your bank account, prior to the IVA proposal, should be acceptable. As Melanie states after that you can save whatever you can from your share of overtime and savings from allowances
Andam Davies
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