forgot to ask a question about IVA

fazer73

Hi,

Forgot to ask the IVA people I am talking to about the contingency fund, they said that it would be built into the IVA plan so that I can pay insurance, dentist, if something breaks in the house etc.

What happens at the end of the year when they review the plan ? Do you have to pay that money into the IVA or can you leave it in your bank ?

Also which banks are good to goto as I am about to set up a new bank account ? (I'm with Natwest and the Halifax at the moment)

cheers

Ed

Charco_2

Na the contingency or miscellaneous money is yours, it's part of your monthly budget. Same as if you budget £300 for monthly grocery shopping and only then spend £150 (coz you've gone on to the recipes and planning sections on here), you dont need to send your IP the otehr £150.

I'd be careful about leaving it in a bank though for the time being, although th money is yours, if at the end of your IVA (in five years time) you suddenly had savings of a few grand then you might be expected to address this in your proposal.

fazer73

I cant believe I did not do this ages ago, I've held off adding up everything I have paid out over the past two years of struggling with the debt just to find that its increased and not decreased (interest, charges etc.). I know its not an easy option but had the fist good nights sleep in I cant remember how long, just wish I had asked for help sooner.

Just typed the letters to MBNA, Egg and Sainsbury as advised and will post them this week. Going to see the bank on Tuesday to setup a new account so all looking good. Just hope that the IVA is accepted