Too much money left!

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1

worried535

User avatar
Posts: 6
Joined: Tue Nov 24, 2020 4:06 pm

Post by worried535 » Fri Feb 26, 2021 3:26 pm
Hi,
I’ve had my iva about 3 months now and its all going fine. However my question is regarding money i can now save.
Basically when i went through the expenditure and affordability questions there we’re things i had to give an answer for which dont apply to me but was told there needs to be a figure so they helped me come up with a reasonable figure. As a result of this i can now save around £500 a month. Im happy to pay more on my IVA but i was advised to pay what my affordability came to.
I spoke to my company and they said that they cant question what i spend my savings on, that i can do what i want with them, but honestly i feel guilty about it and keep questioning if it will cause any issues in the future with my iva. Im also concerned that the amount i move to my saving each month will be questioned during my review.
Has anyone else experienced this? What is the best thing to do?

Foggy

User avatar
Forum Expert
Posts: 32800
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Feb 26, 2021 3:50 pm
I am surprised that they allowed such a low dividend whilst allowing you to have a £500 surplus each month -- the IVA provider, that is, not the creditors, who are only going by what they have been told. Obviously this works out well for you, but I would be worried about working for a firm with such loose morals --- great while in your favour, but not really to be relied upon.

What to do ?? I do not know ! The die has already been cast and you have declared to creditors that the I&E was fair and accurate -- bit awkward to change tack now. Maybe your IP will increase your payment on review in 9 months time, when the surplus becomes evident. In the meantime ....... "Bank of Mattress" ??
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

Posts: 55
Joined: Thu Jan 30, 2020 5:18 pm

Post by Colin351973 » Fri Feb 26, 2021 6:15 pm
Also as the year goes by you never know what might crop up car repairs etc being a major one as has happened to me had a 565 repair bill ! Save your surplus wisely dont worry too much and wait for your next review if you have saved enough if there is enough for you to live off you will be able to sustain a small monthly increase if your ip decides this

plasticdaft

User avatar
Forum Expert
Posts: 9559
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Sun Feb 28, 2021 12:03 pm
I wouldnt save such large amounts monthly in any account the IVA provider can ask about.

Seems a rather large figure and I'd be very concerned that in 5 years time somebody would come knocking that I was due to pay xxxx amount extra!!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

worried535

User avatar
Posts: 6
Joined: Tue Nov 24, 2020 4:06 pm

Post by worried535 » Sun Feb 28, 2021 12:58 pm
I haven't lied about anything or been secretive. I’ve just don't spend the amounts they had to include every month but probably only every few months. I’ve already spoken to my company and they are reviewing it with me. I just wanted some advice as i was confused why it was working out that way and if anyone else had experienced the same, but now i just feel even more worried after posting on here :shock:

Thanks anyway for your replies

Foggy

User avatar
Forum Expert
Posts: 32800
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Feb 28, 2021 1:04 pm
There are some expense categories that you are expected to save each month, such as car repairs, household maintenance, haircuts etc.

No need to get worried -- you have seen what might be an issue and you are sorting it out.
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

luluj

User avatar
Forum Expert
Posts: 11162
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Tue Mar 02, 2021 6:13 am
As foggy says some expenses are budgeted monthly but in reality are quarterly or by-monthly etc.

Save what you can each month from your allowances and have it ready to fall back on. You will no doubt have emergencies during your iva and will need it then.

Remember we don't go to dentist, buy clothes, gave a haircut each month but when we do it's likely to be more than your monthly allowance for each item.... don't panic ... your allowances are yours to do what you wish with and if you can save then do so. Don't feel guilty.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”