I'm going through the completion process of my IVA with Capital/Synergi/ClearDebt and I now want to open a savings account in which to put aside some of the £800 per month I will now have that I was contributing to my IVA, as well as a lump sum that I should be getting from my IVA people as they have discovered that I have paid 67 contributions - 7 more than I should have - and they say this will be refunded to me minus their fees. However, my bank has turned me down for a savings account and it was suggested to me that I should try a building society. Do you know of any savings accounts that I might be accepted for?
Try Nationwide, you may be able to get one with them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Chuffles and welcome to the Forum.
Congratulations on completing your IVA and I must say your bank are a bit shortsighted. You could try National Savings at the Post Office or if you feel lucky and are happy to forget about the miserable interest on offer you could try Premium Bonds. Make sure you are out of the windfall clause though first.
In the short term you could put it in a community credit union - thereby earning you more than you would in a current account, contributing to your community and giving you access to (limited) credit (with free insurance).
Savings accounts are offering very poor returns right now. Its obviously useful to have an emergency fund but after establishing that most of you lucky people with spare funds would do better overpaying on their mortgages for example
I think the amount people can save from an IVA would not make much of a dent in a mortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi everyone, thanks for all your advice. I ended up applying for a savings account with Santander and was accepted straight away. And, what's more, I received my certificate of completion yesterday morning! Which brings me to my next question - does anyone know what addresses to send copies of the certificate to in order to have it entered on my credit files??
Hi
You can google the address for each of the three credit reference agencies, however personally I would just allow the IVA to drop off your credit record [6 years from the start date].
Congratulations for getting through your IVA
Regards
How on earth do you get into the situation where you have overpaid 7 contributions? Seems bizarre - but if your IP is happy to return this money to you it is a nice way of starting out in your new debt freedom!
it seems, looking at the breakdown of their fees that has been sent to me, that the 7 contributions were made before the creditors meeting in order to cover these fees. Problem is, with my IVA starting with Capital, then Synergi taking over Capital, then Synergi going into admin, info is all over the place and although when I phoned about a month ago I was told that I had overpaid by 7 months, and would get this refunded to me, I think the breakdown of fees I recieved with my certificate of completion it to inform me that there will be no refund as that is what the overpayment has been used for.
To be fair, Capital were great with me, but since Synergi took over they weren't the greatest. Still, it's all over now!
Last edited by chuffles on Mon Mar 15, 2010 7:53 pm, edited 1 time in total.
To be fair, I'm a little confused too. I thought the fees would be absorbed into my 60 monthly contributions.
After phoning them to ask when my last contribution should be, I was told that I had overpaid by 7 months and that this extra 7 months money would be returned to me minus any fees. Then, on receiving my certificate of completion I also received a breakdown of the fees, which tells me that the fees were £5,900. By my calculation my overpayment has been around £5,000.
