ISA's and Savings Plans

[spenmotherhen]

Hi all
Just a quick one, is it acceptable during an IVA to open an ISA or savings plan. I know this sounds completely bizzare as we are on a budget etc however we have an interest only mortgage and each time we receive our statement from our lenders we are kindly reminded that we need to have some form of savings/ISA to cover our mortgage. I know that it is several years post IVA that our mortgage will complete. As we have learnt a huge lesson on how to manage and how not to manage our money I can't help thinking that owing £99000 with no savings plan in place is pretty daunting.
Thanks in advance for any advise.

PS We run a tight budget at the moment but could possibly set aside money from household budget??

[MelanieGiles]

Hi there

It is not really appropriate to open an ISA whilst you are in an IVA. You will need some form of savings account, to put your contingency money in, but as this required ready access there is no benefit in using an ISA for this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp