Pick up some extra hours at work to finance the holiday
Once your IVA is set up, your IVA provider will give you an additional income threshold. This is a figure that’s 10% higher than the income 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, for example towards a holiday.
Remember that should you earn above your income threshold you'd need to let your IVA provider know, as 50% is due into your IVA.
Plan a holiday for the future
If you’re unable to work extra hours, setting yourself a long-term holiday goal may be the best course of action. There’s a saying: “look after the pennies and the pounds look after themselves”. Using this advice, you could put some money in a savings account each week. It’s not a quick or easy solution, but if you do this for 18 months (78 weeks) you may have enough for at least a city break.
One important thing to remember during your IVA is that you mustn't borrow money to go on holiday. Taking out additional credit or a loan on an IVA may mean that you’ve breached the terms of your arrangement.