Savings

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Colin351973

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Post by Colin351973 » Tue Aug 18, 2020 7:20 pm
Hi all hope you are well.My iva is going well and iv budgeted well especially during the pandemic iv managed to save 2000 by being carefull with my money im worried that af the review next feb they might deem my allowances as too generous do i draw a bit of cash out and save it ? Im worried that due to my carefull budgeting they may put up my monthly payments what do I do ? How much are you allowed to have in your bank im currently paying 353 per month on a debt of about 40.000 I dont want them thinking im not paying enough into the iva any advice anyone ? Thanks the iva is working very well so far for me and is allowing me to slowley get back on my feet again .

kallis3

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Post by kallis3 » Tue Aug 18, 2020 7:50 pm
Is it in your normal account? If so I suggest you open a new one, or, as Foggy often suggests, use the bank of mattress! You could also invest in a safe to put the cash in.
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

Foggy

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Post by Foggy » Tue Aug 18, 2020 7:52 pm
There is a danger if they see too much savings that they will re-evaluate your allowances. But cutting allowances to the bone could store up trouble if you have a few expensive months in the future. And, of course, lockdown has altered normal spending habits. This is where the 'Bank of Mattress' comes into its own ! Salt some funds gently away.

Your projected dividend looks to be healthy as the I&E is currently configured.
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

Colin351973

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Joined: Thu Jan 30, 2020 5:18 pm

Post by Colin351973 » Wed Aug 19, 2020 2:33 pm
Ok thanks for the advice not sure how much the ip are expecting to see in the bank account on the review iv 6 months to go to review so maybe open an account with bank of mattress !! :D

kallis3

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Post by kallis3 » Wed Aug 19, 2020 2:44 pm
I would withdraw it a little at a time.
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

Foggy

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Post by Foggy » Wed Aug 19, 2020 5:00 pm
Wed Aug 19, 2020 2:44 pmkallis3 wrote:
I would withdraw it a little at a time.
At irregular intervals ...... 8)
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

Colin351973

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Joined: Thu Jan 30, 2020 5:18 pm

Post by Colin351973 » Wed Aug 19, 2020 6:39 pm
I understand I need to show im just getting by what kind of figures should realistically be showing in my bank and would they question cash withdrawals im all new to this way of living I think its working for me so far im getting things together and iv been really tight with my money by doing cheap shops for food etc I love not having credit cards etc and relying on my income only but I dont want to be saving too much so it seems im not paying enough into the iva what should I realistically be showing in my bank account at the review a few hundred couple of thousand ? What would they be expecting to see at the review ? That im just about managing my i and e ?I dont want to be penalised for being very carefull with my money 1000 of it was saved at the start through not paying my creditors for 2 months whilst the iva was set up back in january this year so really iv managed to save up 1000 in 6 months im just worried they might think im saving too much and my i and e might be adjusted its a long way off 6 months but iv a car mot coming up in jan my car will need some money spending on it its 10 years old maybe I worrt to much but the first review will be new to me and im unsure what figures the ip will be expecting to see in my bank at the review any advice ?

Colin351973

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Joined: Thu Jan 30, 2020 5:18 pm

Post by Colin351973 » Wed Aug 19, 2020 6:42 pm
Its a case of do I save or spend and just leave a little in the bank or make some small cash withdrawals and save this cash to one side no point me saving if il be penalised at the review I want some money for emergency repairs on my car etc

Colin351973

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Joined: Thu Jan 30, 2020 5:18 pm

Post by Colin351973 » Wed Aug 19, 2020 6:50 pm
Just a quick point I think you are great people on here helping people woth their money woes great site lovley helpfull people you have helped me through this very bad time I cant thank you all enough .

Foggy

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Post by Foggy » Wed Aug 19, 2020 7:12 pm
In a nutshell, you are supposed to take your income, less the usual expenses --- this is your IVA payment. So the IP would expect to see very little surplus in your account, over and above those elements you are supposed to be saving ( monthly amounts towards an annual expense, for instance). The exception being your shares of overtime etc.

They will not question cash withdrawals ... or should not. Many of us used to have wages in on the first, leave enough to cover DDs etc. and withdraw the rest in cash on the second. I certainly used to do that, then divvy the cash between a collection of jars labelled for each expense category, so I could not spend what I did not have - if you see what I mean. Initially I dealt only in cash -- I did not even trust myself with a debit card !!!
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

Jessie91

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Post by Jessie91 » Thu Aug 20, 2020 12:50 pm
I did the same as above comment. When I get paid from work I leave all the money for direct debits in my account. And then the rest I take out all in cash and put into envelopes named for what’s it’s used for. I always deal in cash and never use my bank card. I’ve just completed my first review so will see when they get back to me if there’s any issues.

Colin351973

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Joined: Thu Jan 30, 2020 5:18 pm

Post by Colin351973 » Thu Aug 20, 2020 1:09 pm
Ok looks as though I need to be drawing out a little cash then well this puts me in the picture a bit clearer Its only due to the pandemic iv not been out much etc think I need to carry on with this style of living for the future thanks again for your help .
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