being able to save some cash

danp100

hi
i am now in a position where i am able to save some cash each month. i have increased my payments but i am wondering if i can save a little each month is it wise to keep this in a bank account, or is this something the iva company will look into at a yearly review and basically clean me out of anything i have been able to save?
many thanks
dan

FoggyBrain_2

Anything you have been able to save legitimately ( 50% shares of overtime, household expenses etc) during the course of your IVA is yours and your IP has no right to "clean you out". However, to lessen the temptation to spend it, it is probably a good idea to keep it elsewhere. I keep mine in a Yorkshire Building Society e-saver account, opened very easily online.

milliemonster

Could you use this money to save for a F&F at all do you think? we have managed to save legitimately from overtime and excess hours and envisage having enough to offer a F&F in a year or so's time, but am worried how to go about this without them just taking it from us anyway

FoggyBrain_2

I would have thought so Millie -- but, as you know, a lot depends upon how ruthless your IP is these days. The theory is good, and what I am also working towards. To be on the safe side, plan B was to give the money to my daughter and then ask her to "lend " it to me for a F&F !!!!

milliemonster

you know foggybrain, I am so pleased you said that, I am also on the 'other' forum and I've always been a bit suspicious of just how many people suddenly seem to have a friend or relative willing to lend them thousands for a F&F and wondered wow how generous are these people's friends and why weren't they there with this money when they were in debt hell? how naive am I eh?

Back to saving hard....