Savings in an IVA

Barkley_2

At the moment, I have no savings, but with overtime at work, I am looking to put something aside during the course of my IVA. I know that any overtime over a certain amount I have to declare it and give a certain amount to my creditors, but the remainder I wish to save. Am I able to do this or is saving frowned upon? Is there a limit I can save, or is it as long as I have paid my percentage to creditors, I can have savings?

Thanks for any info.

trudij

I think, as long as you hand over their bit, you can do whatever you like with the other - certinally in my IVA, the only bit they care about is theirs !

Barkley_2

Thanks for the info

doelani

As trudij says as long as you pay over the share of overtime your IVA asks for , in my case was 50% you can do what you want with the rest, if you want to save it thats up to you.

LHM

trudij wrote: »

I think, as long as you hand over their bit, you can do whatever you like with the other - certinally in my IVA, the only bit they care about is theirs !

This is 100% correct. I work in insolvency. Save as much as you can, when your IVA has completed not only will you be debt free, you'll have some cash in the bank too!

Barkley_2

Thanks for confirming