What do I do with excess money when in an IVA?

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jrb.95

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Post by jrb.95 » Sun Sep 19, 2021 3:51 pm
Hi, I’ve entered into an Iva with Logan-Whyte, they really don’t give you much detail and what’s happening. I’ve been reading that you can’t spend anything on ‘luxury or unnecessary’ items, same goes for Holidays. However, as the debts have been paid off and naturally I am left with more money, what am I to do with it? They don’t like you to save it, do I up the amount I am contributing?(£90) . I feel trapped like I can’t do anything, can you offer any advice, thanks, Jack

kallis3

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Post by kallis3 » Sun Sep 19, 2021 4:32 pm
Your debts will not be paid off until the end of the IVA. You should not have any excess money as all disposable income should have been declared. How do you have any excess money?
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Foggy

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Post by Foggy » Sun Sep 19, 2021 4:37 pm
Have you over estimated your expenses ? As Kallis says, anything over those agreed expenses should be your IVA payment, at least at the beginning of the arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Sun Sep 19, 2021 7:15 pm
Or have you been prudent in spending your allowances ?

Some allowances might be designated as monthly but in reality you might only use them by-monthly ie hairdressers 6 to 8 weeks, dental every 6 months etc ...

We had surplus each month, maybe a few pounds one month, more the next ..we put it away in an envelope and used it for Xmas and birthdays , as well as an odd three night Sun Newspaper holiday ....

Your allowances are yours to keep ... tuck it away for a rainy day x
Sharing from experiences of dealing with debt

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

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SteveUK

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Post by SteveUK » Tue Sep 21, 2021 6:20 am
Don't worry, your payment will go up on your first review.

jrb.95

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Post by jrb.95 » Tue Sep 21, 2021 9:43 am
Tue Sep 21, 2021 6:20 amSteveUK wrote:
Don't worry, your payment will go up on your first review.
Thanks mate
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