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  • #16
    Re: Saving for a F&F

    If you're at £11k and paying £3k interest free per annum then you're as well staying on the IVA and sticking to the agreed amounts with the extra's going into a saving account..... why bother with the hassle and inconvenience of F&F when they've already ceased all interest etc? ie leave sleeping dogs and all that?

    I can't talk you out of the IVA as whoever set it up for you should be qualified to do so and would not do it if it was not right for you thus I have to agree with the principle authority and say stick with the IVA - why risk it coming off it now?
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    • #17
      Re: Saving for a F&F

      Why not stick out the IVA to the end, whilst putting your savings in a Manx offshore account at, say, Britannia International (link)?

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      • #18
        Re: Saving for a F&F

        You also need to be certain of exactly how much extra earned money you can hoard without disclosure to your IVA manager who may then have a duty to tell your creditors who may be entitled to a monthly payment increase

        So if you talk to your IVA manager about possible F & Fs make sure you keep the conversation hypothetical This is why people often refer to coming into extra money from "friends and family members" which is where this thread began in your first post! Mind you if anyone ever met members of my family they would know I was lying through my teeth
        I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

        I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

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        • #19
          Re: Saving for a F&F

          Originally posted by PlanB View Post
          You also need to be certain of exactly how much extra earned money you can hoard without disclosure to your IVA manager who may then have a duty to tell your creditors who may be entitled to a monthly payment increase
          That was the reason I suggested putting it in an offshore account.

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          • #20
            Re: Saving for a F&F

            Good thinking! to be honest, my IP knows about the extra money I earn as I have to declare it (they see my payslips) and it's written into my proposal that I can keep 10% and then a further 50% of extra earnings, also I know that she will never take this extra into account when calculating my payments at review time as it's not guaranteed income.

            It did make me wonder how all of a sudden all these friends and family members suddenly have lots of money to help! I mean, as good as my friends are, I don't think any of them would ever lend me £10k to pay off an IVA!, plus, it seems strange that none of these funds were ever forthcoming leading up to the IVA meeting

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