I am in a Iva 2.5 years after a year my health deteriorated With arthritis and fibromyalgia and had to change my job due to my feet and legs hurting plus the stress gave me flare ups ,was on a good wage because of low income I was eligible for tax credits I also get a disability benefit don’t know how much longer I can work because of ill health and opted into a government saving plan the limit is £50 a month , if I don’t withdraw anything out for 4 years I get half back of what I paid in .. a saving plan for my car repairs ..or the unexpected always in the garage do I have to tell my Iva I am doing this ? Or will they make me draw the money out ( saved £300 up to date ) ...advice much appreciated.
You should be ok - most of us did a savings account whilst in an IVA. As long as it doesn't amass into a large amount it's good to have something to fall back on in an emergency.
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. http://kallis3.blogs.iva.co.uk
As long as you are funding this by sacrificing other expenses it should be OK. You will not be allowed the £50 a month as an expense category.
If the account matures, or you draw out a portion, during the IVA, the 'bonus element' could be looked at as, possibly, an amount due to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for your reply ...yes it will be quite a lot at the end of the 4 years ( £50 a month for 4 years ..only allowed 1 savings plan in the 4 years £1.200 Interest ! They haven’t questioned me as they have seen my bank statements ..
because of low income I was eligible for tax credits I also get a disability benefit don’t know how much longer I can work because of ill health and opted into a government saving plan the limit is £50 a month , if I don’t withdraw anything out for 4 years I get half back of what I paid in .. a saving plan for my car repairs ..or the unexpected always in the garage do I have to tell my Iva I am doing this ? Or will they make me draw the money out ( saved £300 up to date ) ...advice much appreciated.
