If my IVA is accepted am I allowed to build up savings ?

[Coleen.l]

If my IVA is accepted am I allowed to build up savings, for example from my contingency and from birthday / christmas gifts (below my £500 windfall clause). If so how much am I allowed to save? I was hoping that I could save enough to go on holiday at the end of the IVA! (wishful thinking but I thought it might be a real incentive!)

[Niobe]

Hi and welcome

Yes you are - any savings from your allowances are yours to keep.

[kazzafunk]

Absolutely - it'll also be a good lesson to learn to be able to live frugally and save a little each month.

Also you may find you are able to save any additional income you receive by way of pay increases / bonuses / overtime etc (after paying the appropriate proportion to the IVA pot as defined by your IVA proposal).

[MelanieGiles]

I absolutely encourage all of my own clients to set up a savings account. I see this as an essential aid to budgeting, and importantly those few pounds you try to save regularly will soon build up so that you can treat yourself or your loved ones. You definately deserve to!

[Shining]

Good luck Coleen it's nice to see a bit of savings there for any emergencies that occur. x

[geordie123]

Unfortunately until you receive your closure certificate you will find it nigh on impossible to open a savings account as they will do a credit check . I am with the coop bank and they have been brilliant but their hands are tied until I produce the certificate and I am not hopeful of receiving it soon

[Niobe]

I'd try and open a savings account pre IVA if you can.

With the Co-op, even though they won't open a savings account, you can have more than one Cashminder account and spare money can go into there.

[Shining]

With Natwest its easy to open a savings account I have an online e-saver opened after the IVA was accepted.

[Foggy]

Hi -- Yorkshire Building Society (not bank) are happy to give us savings accounts -- they do an online e-saver with an ATM card for easy access.

[Coleen.l]

Thank you everyone for your help.

I have applied for a Natwest savers account, they said they will confirm it in 3 days - fingers crossed.

Creditors meeting on Monday!! hope I can sort an account before the meeting.

[Niobe]

Fingers crossed!

[Biscuits]

Is it just me, but I really didn't think it was that hard to open a savings account?
I'm with Natwest (had to drop Lloyds like a lead ballon while sorting the IVA) and got our current account pre IVA acceptance.
However did open the on line savings with Natwest after with no issues at all. In fact hubby and I have also now have a Building society savings acct opened a good year after... why wouldn't they? we are not asking them for money, we're giving it to them, in a mannor of speaking... am I being dumb ??

[Foggy]

I haven't had any problems --- when I was looking at savings accounts I contacted a Building Society CEO and was told that they don't generally credit check, other than an ID check and an IVA would present no problem.

Co-Op do seem to have some bee in their bonnet and won't offer a savings account ( but will allow several cashminder accounts !! -- Go figure)

[Niobe]

Some banks do make it hard - Co-op is one of them. They don't think you should be able to have a saving account in an IVA even though they will allow you to open another Cashminder!

[Rampaginghippo]

Get yourself a nice piggy bank and pop it under your bed then who is to know what that piggy wiggy has
If you build up a large amount in your bank then it means your ins and outs are not set correctly and you will end up paying more

I am done with my IVA TG ! and I am getting a savings box for when I can actually put some money in it