I'm about to check with step change bout asking for an IVA. Whilst I can only afford a minimal monthly I do have some savings. I think I need to put aside some monies for a car and insurance. Will I get in trouble if I take out £1000 for this before I apply for an IVA? Also must I declare all my savings? My pension comes into the bank account mid month and my bills go out at the beginning of the month. Can I keep £1000 in the account as monies to offset the bills?
Stepchange or creditors might object to you disposing of assets immediately prior to taking an IVA, I could not predict how they might react. You would also have to discuss the retention of the £1000 for bills etc. though this would seem reasonable due to the timing on incone vs. outgoings.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
