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
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 !
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 !
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
