Although there’s no official section on an individual voluntary arrangement budget labelled ‘holiday fund’ a break away may still be possible if you’re living on an IVA.
And importantly, there are no rules or obligations as part of your IVA which means you’re not able to go on holiday.
Can I save money while on a IVA?
There is nothing to stop you saving money during an IVA. As long as any savings you make come out of your agreed living expenses budget you are allowed to keep them. You do not have to declare them and they do not have to be paid into your IVA.
Can you move abroad with an IVA?
Yes, you can continue with an IVA if you move abroad, as long as you can keep up your repayments while living there. If you cannot make your repayments after a move abroad your IVA could fail and your creditors will be able to chase you again for the debts.
Can I change from DMP to Iva?
Changing from a DMP to IVA
Because the plan you are in is informal you can change or break the agreement at any time. You are not legally bound to continue to use it and if you stop your payments, there should be no penalty.
Can I get a mortgage if I have a IVA?
Can I get a mortgage after an IVA? You will be able to get a mortgage after an IVA but you are unlikely to be able to get one until the IVA drops off your credit file. However, lenders may ask whether you have ever been subject to an IVA which may affect their decision whether to lend to you and on what terms.