Hi I am in the beginnings of the IVA process and have spent the weekend getting all the relevant paperwork together for the courier on tuesday and I am not one to wish weeks away but I cannot wait until the end of October and hope that I will have a fantastic birthday present! However my question is once the IVA is up and runnign can I have another account where I can put the budget for car tax, car maintenance etc things that need to be saved for without it being a problem?
Hey welshbird77, welcome to the forum. You will need to open a new bank account if your current one is with one of your creditors. If it's not then I can't see it being a problem you having a second account for your bills. If your credit score isn't bad yet.
I did open a savers account along with my basic account with the coop.
I know this is a stressful time and so can understand how you want this thing to be sorted out in super quick time, but please make sure you understand everything. That youre very happy with the company youre using (check them out in fact on www.iva.com.).
Dark days these are, the beggining but it will get better.
Yes we have a Co-op Cashminder account and a Natwest Step account - both are fine even if you have bad credit history.
One is for our day to day stuff eg. wages, gas, etc.
Other is for us to put money aside (not that we have much mind!). We can then ferret away any bits we can save for when they are needed i.e. ince a year things like car tax/MOT etc.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
It's a great idea to have a separate account in which to separate money from your wages to cover ongoing bills - but many people seem to manage fine with just one account so long as you keep detailed records of your incomings and outgoings.
Thank you I am in the middle of setting up Natwest Step Account and will eventually get round to opening another one as I don't want to be spending money that i will need later on. I seem to have a new question everyday but ultimately i am happy with my decision and know that once it is in place it will be hard but i will begin to see a light at the end of the tunnel.
