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Can I go on holiday while on an IVA?

If you’re on an IVA and could really do with a spot of fun and relaxation your IVA budget doesn’t allow for a holiday break. Or does it? 

Although there’s no magic section on an IVA budget labelled ‘holiday fund’ a break away may still be possible for a lot of people living on an IVA.

There are no rules or obligations as part of your IVA which means you’re not able to go on holiday. However with some careful planning, budgeting and bargain-hunting the beach or slopes are not an unrealistic possibility. Pour yourself a margarita, relax and take a look at these top tips for a holiday while on an IVA.

Pick up some extra hours at work

When your IVA was set up, you were given something called an ‘Additional income threshold’ when your budget was last reviewed. This is a figure that is 10% higher than the income we’ve listed for you on your budget, and accounts for anything you may earn in addition to your wage such as overtime, bonuses or commission. Every month you can earn up to this amount before any payment is due to your IVA.

You can save this money to use for whatever you want, so save some up for those unexpected costs and then you can put this towards a holiday. Please remember that should you earn above your threshold, you would need to let us know as 50% is due into your IVA.

Tag along with family

If you have a friend or family member who lives somewhere a little sunnier or more exciting why not save some money on the accommodation costs of a holiday and go visiting?

A train ticket from booked well in advance can cost very little, and you can have a nice city break if you have friends or relatives you can stay with.

Long term planning

This isn’t an easy one, but if you’re unable to work extra hours at work and don’t have friends or family who you can impose on it may be the only way.

There’s a saying: “look after the pennies and the pounds look after themselves”. Using this advice you could put aside £5 per week in a savings account. It’s not a quick or easy solution, but if you do this for 18 months (78 weeks) you’re going to have £390.

Depending on how many people you’re taking away with you, this might get you a bargain week in the sun including flights, or a long weekend camping in the south of France.

Don’t borrow!

One important thing to remember is to never borrow money to go on holiday. This is a big no-no when you’re on an IVA. Taking out additional credit may mean that you have breached the terms of your arrangement.

A Notice of Breach is an official letter to say you’ve failed to keep to the terms of your IVA. If that happens we give you a set timeframe to remedy it - usually a month.

If you’re unable to remedy it then we may have to hold a meeting with your creditors to explain what’s happened. Usually, if you keep in touch with us and stick to the terms of your arrangement then we can remedy the breach and get your IVA back on track.

Got feedback on this article or a question about your IVA?

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Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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