Can we have a logbox account whilst in an IVA?

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Rlh1994

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Joined: Wed Jun 20, 2018 7:33 pm
Post by Rlh1994 » Mon Feb 24, 2020 8:09 am
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Is it worth my husband and I opening a loqbox account whilst still in our IVA? Is that even allowed?
The minimum you're allowed to put in there a month is £20, then you get it all back at the end of the 12 months.
I'm not sure it would even make a difference to our credit scores with the IVA ongoing, but figured £20 a month would be manageable to help in the long run.
Thanks in advance
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Marty171

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Joined: Sat Jul 20, 2019 12:18 pm
Post by Marty171 » Mon Feb 24, 2020 11:34 am
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i asked my iva company vanguard if this was allowed and they said not while you're in the IVA as its classed as an asset and could then be payable to the IVA
IVA Started 07/07/2017
F & F Accepted 06/09/2019
Completion Certificate 16/12/2019
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Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Mon Feb 24, 2020 12:57 pm
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Allowed or not, it is a waste of time --- while the IVA is on file your credit rating is dust !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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