Savings

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Brum32

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Post by Brum32 » Tue May 25, 2021 8:36 pm
Hi all, I’m new to IVA, just wondering something about savings...the little savings I have are in a seperate bank to my creditors, but im hoping to save as much as im allowed in case of emergencies and things, but what im wondering is do your creditors and the IP know the outgoings of your separate savings account? For example if i was to take a couple of hundred pounds out of it for whatever reason will the creditors and IP know about it? Thanks

kallis3

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Post by kallis3 » Tue May 25, 2021 8:58 pm
They won't know about your separate accounts and if you can save anything from your allowances, overtime and/or bonuses it is yours to do with as you wish. We all have emergencies during our IVA.
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

Brum32

Posts: 10
Joined: Wed May 19, 2021 4:27 pm

Post by Brum32 » Tue May 25, 2021 9:06 pm
Tue May 25, 2021 8:58 pmkallis3 wrote:
They won't know about your separate accounts and if you can save anything from your allowances, overtime and/or bonuses it is yours to do with as you wish. We all have emergencies during our IVA.
Thanks very much for that Kallis3 👍 Thats a great help, much appreciated thank you 🙂

Foggy

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Post by Foggy » Wed May 26, 2021 7:05 am
I would mention that these savings should come from your share of overtime etc. and modest savings from allowances ( a few quid here and there). If, say, you can save £100 a month from your shopping allowance it could be argued that you have overstated your household shopping needs, so tread carefully.

Although IPs do not routinely look at savings accounts, they might ask, one day, and you are expected to comply.

The Bank of Mattress issues no statements.
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

kallis3

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Post by kallis3 » Wed May 26, 2021 8:31 am
I used to have a Terramundi jar (Christmas present each year) where I used to save any spare money and it soon mounted up. That, and doing online surveys, helped fund Christmas and Birthdays.
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 May 26, 2021 8:44 am
Maybe we should have a merger of the Bank of Mattress with the Bank of Terramundi --- the latter sounds far more exotic :-D
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

kallis3

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Post by kallis3 » Wed May 26, 2021 10:07 am
It's more expensive as well - unless you get it as a gift as I did!
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
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