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jawad

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Post by jawad » Tue Nov 10, 2020 5:01 pm
Hi,

I wanted to ask about saving, I sometimes do a good amount of overtime at work and im following 10% 50/50 rule with my IP, I usually put the my (50) into a savings account, Iv seen on this forum that savings are allowed but not big amounts but as sometimes work is extra busy i can save up to £300 a month. would this cause any issues on the long run if continuously save these this amount of money?

thank you

Foggy

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Post by Foggy » Tue Nov 10, 2020 5:36 pm
I shouldn't think so as these savings are from your share of overtime, rather than an arguably over generous expense allowance. When I was in my IVA it was even a plan put forward by many to use these combined savings for early exit by way of a F&F --- but this was in the days when IPs were generally more client centric. Now the "big boys" have changed the whole ethos of the industry to being more creditor centric.
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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size5

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Post by size5 » Wed Nov 11, 2020 8:09 pm
Hi,

The money is yours, do with it what you want, you've worked hard for it and my advice to you would be to enjoy it.

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kallis3

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Post by kallis3 » Wed Nov 11, 2020 8:55 pm
Welcome back Size5 - nice to see you again. You have been missed.
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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luluj

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Post by luluj » Thu Nov 12, 2020 11:48 pm
I would certainly enjoy your share... so long as you have followed the 10 50:50 rule, then your share is for you to do as you want with.

If you can save it thats a great backup to have now and in the future.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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jawad

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Post by jawad » Fri Nov 13, 2020 3:17 pm
Thank you all for your replies.
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