Savings again !!

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1

Colin351973

Posts: 42
Joined: Thu Jan 30, 2020 5:18 pm

Post by Colin351973 » Tue Oct 20, 2020 6:15 pm
I have posted on here about this before iv managed to save about 2000 pounds by previously not paying creditors and kept this money in my account as an emergency fund for car repairs etc I will have my first review next february and im worried they may think my allowances are too generous iv not managed to save much more since my iva started last february will this be frowned upon because iv been very meagre with my allowances bought cheap food etc what will they be looking at in my income and expenditure and should I be spending it rather than saving it Otherwise they may want more money from me that instead of being carefull trying to build a financial nest should I not bother what is considered a reasonable ammount to have saved after 12 months in an iva any advice would be greatly appreciated iv an account wirh bank of mattress but not sure what figures my ip will be expecting to see at the review im worried about this do I save or do I spend my allowances showing im just getting by any help would be appreciated love this forum

luluj

User avatar
Forum Expert
Posts: 10954
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Tue Oct 20, 2020 6:23 pm
If you have built up some savings through careful spending in the iva the money saved is yours to keep.

I would ensure the review lists all expenses based on at least last years levels. The cost of food etc has increased and may well continue with the pandemic etc so don't be pushed into accepting less.
Sharing from experiences of dealing with debt

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

Look at my blog "All I wanted was a baby"

luluj

User avatar
Forum Expert
Posts: 10954
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Tue Oct 20, 2020 6:23 pm
If you have built up some savings through careful spending in the iva the money saved is yours to keep.

I would ensure the review lists all expenses based on at least last years levels. The cost of food etc has increased and may well continue with the pandemic etc so don't be pushed into accepting less.
Sharing from experiences of dealing with debt

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

Look at my blog "All I wanted was a baby"

Foggy

User avatar
Forum Expert
Posts: 31582
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Oct 20, 2020 7:08 pm
I would say that, as long as your expenditure on, say, food and groceries is well within the guideline figures, any savings you make by frugal living are yours. Therte is a distinction between living frugally by choice and being forced to be frugal. That all said, were I an IP, I wouldn't expect such savings to exceed something like five or six hundred a year --- this would, of course, have to be taken in the context of your whole set of circumstances, of which we are not aware.
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
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”