Hi Iam in a iva how much money am I allowed to save

colliwolle68

Hi my category not there. Iam in a iva how much money can I save in a year?.

colliwolle68

Hi ia in a iva how much money can I save

mwarby

An IVA is an individual arrangement (clue is in the name)

when an IVA is setup you complete an income and expenditure, the difference being your contribution. You maybe allowed to save £20 a month or so towards unexpected expenses but that’s probably about it. 

If you underspend against your budget your free to spend or save this, but come annual review it maybe that your budget is adjusted. This can either be to increase contributions if affordable or to decrease contributions if not affordable 

mwarby

Saving money each month to cover annual expenses such as getting car through MOT is up to you, and is to be encouraged generally.

building up life savings or saving for a deposit for a house however isn’t really in spirt of an IVA, as your asking your creditors to write off a portion of your debts and your IVA should be trying to repay as much as is affordable