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IVA Forum | IVA.co.uk | personel question ?
Hello All.
Caould I ask a personel question please?
How much money have people got saved up?
I know we're meant to have contingency money.I just wondered how much.What reasonable when it comes to annual review.I have approx 300.Keep trying to save more but I keep having to go into it for various reasons.It's a combination of medical allownaces, clothing allowances and any childcare allowance I've not had to pay.Is this reasonable do you think?
What would happen if anyone managed to save 1000 plus?
Thanks Cat
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Hey cat, the more you can save the better I say.
Guaranteed something will break, need repairing, need replacing etc.
X
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I don't have any contingency money now had a little amount at the beginning but it has all gone.
I do worry about things happening now like car repair bills etc.
My mum is great and will bail me out in an absolute emergency but she is a pensioner so I don't like to ask unless things are desperate.
Jan
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Hi Cat1
You are very lucky to have built up that contingency.
We are in the fifth month of our IVA and have not been able to save a penny as every time we have a bit of contingency something happens and we have to use it.
My car has needed quite a bit of work on it and as we are only allowed 35 per month for two cars we have had to use other allowances to pay the bills.
How long has it taken you to build up your savings if you don't mind me asking.
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Hi Viki.No I don't mind you asking.We've been in IVA since Nov 07.The money we've saved is largely from child care and it scares me to be honest.I have to claim enough to pay for each night after school and school holidays.However, if she goes to a friens after school or doesn't need minding in the holidays well the contingency builds up.I'm really worried that this will be taken off us at the first review though.This year I have been particulary fortunate with childcare saving and we only have 3 of the 6 weeks to cover this summer hilidays.Scared the IP will say we don't need it and we should have the saving facility!
Cat
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I dont think they should have any right to it.
You have managed to save from other allowances which in my opinion are far to low anyway.
We are told that we are allowed 35 for car repairs and 24 for medical expenses.
All you have done is saved this.
I think you will find most IP's would just praise you for saving like that whilst in an IVA.
Well done and keep it going-you may really need it one day
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I think Cat was replying to you sblack not me.
X
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Sadly I've got hardly any 30 in a separate account that I'm putting by and hopefully adding to for daughters birthday in October.
I'm currently trying to clear the arrears of my IVA before trying to build up my contingency.
I'm sure one day I'll have some.
Good luck to all.
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At the end of the day, how will anybody find out how much you've got saved anyway?
Or do you need to provide savings account statements as well?
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That's an interesting point you have made cat 1.
I have some put away in my friends safety box thing.
However it's been in there for years.
For utter emergencies, and my own funeral god forbid.
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Good point rollercoasterride - withdraw it and keep it in a tin at home-who will know.
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Hi, I've been in an IVA for just over a year and I have 285 saved.
Not much but I try and keep it at about that level just incase something happens like my car breaks down etc.
I try and save my contingency money each month and cut down on food to save a bit more.
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Just started my Iva and havent managed to save a penny even though i didnt pay creditors last month.
Will have to make sure i save on shopping next month though as there doesnt seem to be spare from anywhere else.
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As I type I have 500 - this is made up from contingency and spending less on some of our allowances each month - although with my car problems at the moment I do not expect to have it for long!!!!
I do not have it in an account - although a little interest would be nice, my preference is to have it in cash in the home so that I can use it when i need to and it does not appear on any statements etc as a lump sum - I withdraw my contingency and personal hygiene money every month and put it away!
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WE have a dog food tin in the cupboard with ours in it(cleaned out of course)(well it will be when we put some back in after vets bills and MOT time!!!)
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People seem to be saying that if they have savings then they disguise it so it's not evident at the annual review?
Why would this be?
Do you think it would be taken away or the amount put into the IVA increasesd?
I have a regular standing order set up straight to my savings account for my contingency money and additional childcare.Therefore, I have to regulary take from it so lump sums of money are regulary taken in and out of our account.This IVA thingremains very confusing to me.
And, when I read the posts on here.Some people seem to be very poor during thier iva, some 'just manage' and others do seem to be able to 'save' relatively small amounts.I wonder if the rules change with different IP's.Is there lots of room for different IP's to have varying standards.Hence, wouldn't we all drift to the one that allows us more?
Anyway, time to stop pondering and get my backside into gear to face yet another week Cat
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When I complete annual reviews we do not touch your savings as long as the savings we not there before you entered the IVA.
However, if you manage to save too much (don't ask what is too much as it depends on each persons circumstance) then it might mean that you can afford to pay slightly more into the IVA.
It should almost be normal for someone in an IVA to have some savings as the income & expenditure allows for example for car servicing and road tax and you will need to save these each month until you need road tax and a service.
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I need to open a savings account for contingency and an account for the little lad for his pocket money - he also saves his snack money if he doesn't fancy a snack - he bought a wrestler with his saved snack money at the weekend.
I am hoping we manage to gain a reasonable contingency as we ten to have 'runs' of luck.
So if one thing goes wrong it is usually big/expensive and our luck carries on that way for a few months.
XX
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We manage to save a little but usually something comes along and eats it up.
Most of ours though does come from the overtime not so much saving on allowances.
Ang
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If your having difficulty with paying an unforseen bill, then contact your IP.
Within reason they should allow you to push a payment forward a month.
Savings are a bit tricky.
If you happen to come across money during the IVA, then you must make your own judgement as to whether you should declare it.
I save around seventy a month, simply by really scrimping.
I now have 700.00 saved away which acts as a security banklet.
Without this I'd find managing the IVA very difficult.
I've tried very hard to save this, and so would feel very uncomfortable giving it up.
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Do you actually get an allowance for contingency or do you jsut have to save some yourself?
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