Savings whilst in IVA

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
Jenjona
Posts: 2
by Jenjona » Tue Mar 07, 2017 8:25 pm
Hello! I'm new to all this (in application) and am very much confusing myself!!
Are we allowed to have a savings account whilst in IVA? If so, is there a limit on the amount we can put in?
Also, I keep hearing about 'allowances' - what are these? I've kind of made a guess that it's what you need to spend money on after your bills and IVA payment ie: food shopping, petrol etc. Is that right?
Any help would be greatly appreciated before I go cross eyed!!
User avatar
Foggy
Forum Expert
Posts: 23503
Contact
by Foggy » Tue Mar 07, 2017 9:02 pm
Hi -- yes, allowances are the sums allowed towards household expenses, bus fares, prescriptions, haircuts and the like. You can save from these allowances and pop this into a savings account. It needs to be a modest amount, however. If you manage to save a great deal the IP will question the allowances given.
Jenjona
Posts: 2
by Jenjona » Tue Mar 07, 2017 9:33 pm
Thank you for replying, I appreciate it :)
User avatar
Michael Peoples
Industry Expert
Posts: 15161
Contact
by Michael Peoples » Wed Mar 08, 2017 9:33 am
In addition to the allowances you are entitled to retain at least half of any bonuses overtime or commission. You are entitled to save your share of this too although some fimrs will frown upon it for some bizarre reason.

Make sure when you do the income and expenditure account that all your allowances are listed and if you need the guideline figures and a list of those allowances feel free to contact me directly.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 12 guests