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?
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
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
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
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 !