How much can i save when in an iva?

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caroline763
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by caroline763 » Sun Aug 06, 2017 11:07 am
How much can i save when in an iva?
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Foggy
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by Foggy » Sun Aug 06, 2017 11:22 am
This is a "how ling is a piece of string" question. Most IP's encourage you to save modestly -- after all,it is both a good financial habit and is also needed in an IVA -- you need to save those small monthlt allowances destined for biffer annual bills (car maintenance, emergency fund etc). One or two of the less understanding IP's do not think you should save, but will probably only be alerted if the sums get too large to ignore.

In theory, modest amounts saved from your allowances by, say, buying Lidl beans instead of Heinz (but don't -- they are like little bullets!) can be saved, as well as your share of overtime and bonus payments. If you save a great deal on allowances it will cause the IP to question whether they were too generous and, maybe, reduce them.

All that said .... the "Bank of Mattress" does not issue statements or account balances. BUT ..... do not try to save income properly due to the IVA .. that way lies danger.
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kallis3
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by kallis3 » Sun Aug 06, 2017 12:37 pm
Agree with Foggy - you can also buy a jar - terramundi - to put your savings in. We have one every year and smash it at Christmas and count up the money!
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Foggy
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by Foggy » Sun Aug 06, 2017 12:43 pm
The "Bank of Terramundi" sounds so much more exotic :-)
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doritos
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by doritos » Sun Aug 06, 2017 1:39 pm
Sainsburys bank (opened after the IVA is setup, they never ask, you never tell simple..) then use saveback at the checkout and the savings look like food bills..

Undetectable, especially if you open it on the day AFTER review, as no one reviews a full year (you need to drop in a quid to open it IIRC), full on rainy day fund.

Obviously the amount you can slid away depends on making savings on food, but get used to pasta (drop in stock cubes and its not bad at all, then maybe a bit of own brand ragu over the top and you got a decent meal (and the difference can be saved away).

IP's will never ask about it as the account doesn't exist as it wasn't there when you setup the IVA and it doesn't need a credit check to open, all withdrawls are via ATM's you can slid the cash back into your main bank acc after the IVA has wrapped up as well
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kallis3
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by kallis3 » Sun Aug 06, 2017 1:50 pm
I love my terramundi and counting up how much is in there!
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doritos
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by doritos » Sun Aug 06, 2017 2:02 pm
had to google terramundi...

fancy pots them. I remember going to a coinstar with a huge doritos tub full of coins (50p's and less went in there).. had to call the manager over, over 400quid :)

Was pre-iva days that, best result after that was around 80
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kallis3
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by kallis3 » Sun Aug 06, 2017 2:16 pm
Have a new one every year and we are able to put notes in and not change now. Hubby gets some of his pension from the Post Office every week and, whatever is left at the start of the following week gets posted into our pot.

You can get cheaper ones than those.
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Foggy
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by Foggy » Sun Aug 06, 2017 2:26 pm
During my IVA I saved 5p coins .. still have them in a savings jar and still save them .... but now I also save £5 notes when I get them ... snce the new ones came out I haven't spent a single one. Have about £200 of them so far !
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kallis3
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by kallis3 » Sun Aug 06, 2017 2:41 pm
I save 5p, 1p and 2p coins in bags and, every so often I take them to the Coinstar machine at our local supermarket and cash them in (I know it costs but it's worth it!).
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Lisa Thomas
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by Lisa Thomas » Tue Aug 08, 2017 11:39 am
The question to my mind is where are the funds coming from?
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doritos
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by doritos » Tue Aug 08, 2017 12:05 pm
Lisa Thomas wrote:
The question to my mind is where are the funds coming from?


and with sainsburys saveback used correctly and carefully you'll never know ;)

but its coming from the food budget, well know that's the easiest one to find wiggle room in
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