question category: IVA

Can i save whilst in an IVA agreement?
Submitted on: 8th Jan 2010 by Non-Member | Total Answers: 1

I have just entered into an IVA agreement and was wondering if i could save money? I know this isn't the aim and i'm not talking huge amounts. If i could put aside money here and there, would i be better off keeping it as cash or putting it into a separate account i already hold? If i use an account, will i need to declare it andprovide bank statements when the IVA is reviewed? Thanks

Answer this question

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Re: Can i save whilst in an IVA agreement?

An IVA shoukld give you a reasonable budget and a payment you are comfortable with.

We advise everyone to look at opening new bank acounts and to look at credit unions as an an aid to saving and budgetting.

Saving is a really good behaviour and helps to prevent debt difficulty. If you have spare money at the end of the month you should keep it for emergencies.

When your IVA is reviewed you will need to provide bank statements- but these will help you demonstrate that your surplus money comes from sensible budgetting. As you implied - huge amounts would raise questions - but most successful IVA contain an element of "contingency" planning.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.

Submitted on: 11th Jan 2010 by Darren Member

0
 

Post new comment

The content of this field is kept private and will not be shown publicly.

Featured Debt Charity

“What we like most about the help the Debt Advice Foundation provide is it’s balanced and fast. You’ll get the right solution suggested confidentially in hours not days.” Debt Advice Foundation