Savings and bankruptcy

[r.s]

Hi.

I have been bankrupt for a few months now and recently I have been wondering about savings. After the past, I want to give myself the best possible financial future.

I was wondering first off if your even allowed to have any sort of savings before you are discharged? Also, if for example it is reasonable to be putting money allocated for a holiday allowance into savings each money or money from the excess of the income the OR has allowed me to keep?

I am not sure any bank would allow me to open a savings account anyway so what I was thinking of was something like NS and I? - premium bonds or just a basic account - I would have to pay any interest cash flow I received from this though wouldn’t I?

I would be grateful for any help information on the above from anyone. Thanks,


Kind regards

[Skippy]

Hi r.s., yes, you are allowed to have a savings while you are bankrupt as you are expected to be learning to budget, and putting money aside for things like car tax, insurance etc. You can put the holiday allowance in a savings account, and what you do with your surplus is up to you. I am going to use my Nationwide Flexaccount as a savings account, as it also has a linked E Savings account. I'm not sure if you would be able to have premium bonds though - if you have any before you go BR you must declare them to the OR, so I'm not sure if you can buy any more.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[veekay]

i'm actually trying to get a savings account now but no one will let me have one as they are credit scoring me!! do you know who is the best people to try? my mum has kindly suggested she'll open one up for me under her name but it'll be my money, but i would prefer to have my own. i'm with the co-operative bank and have been discharged for 1 year 4 months but they won't allow me to open a savings account with them even though they can see everything that goes in and out of my account and that i've well and truely learnt my lesson. its so frustrating!!

[MelanieGiles]

How ridiculous aspects of our banking system are! Try a Credit Union, you may find they have a more flexible approach.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Skippy]

I've had exactly the same problem Veekay, although I am not yest discharged. I have a Cashminder account with the Co-op, but they won't let me have a savings account as I failed their credit score so I will have to keep using the Nationwide account.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
A credit score for a savings account !!!
The worlds going mad
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[veekay]

yeah i know!! it's so stupid credit scoring for a savings account!! I know nationwide may open one for bankrupt people but when I went bankrupt I had a flex account & a ISA with them so I don't think they'd allow me to now and I don't want to keep applying to other companies because the more I'm turned down the worse it looks!! I just find it funny that we're probably the best people to save now so we don't go back into debt but no one wants us!! so silly

[Skippy]

Did you owe Nationwide any money when you went BR? I had an account with them which I had to declare but because they weren't actually one of my creditors they were happy for me to open a basic account with them.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[veekay]

no I didn't, I had an unused flex account with like £1 in, didn't even realise it was still open until I went BR and the ISA only had a few quid in too but I didn't owe them anything. SO shall I try open a current account first with them and then see if I can open savings?

[aguise]

Has anybody tried a basic post office savings account. It was just a thought.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Skippy]

I was the same as you Veekay - there was nothing in my Nationwide account and they let me open a new basic account and when I logged onto the internet banking it said there was a linked e-savings account. I haven't tried to use it yet but as I will do as soon as there is some money in my account! I'll let you know what happens!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Soulgrowth]

This may not be the current politically correct way of doing things ... but over the last year or so I have re-found the value of cash under the floorboards! By being advised to stop paying my IVA by my IPA the missed payments have formed the beginnings of my new savings account ... with the new 'Floorboards' bank! ... nothing like the feeling of adding an extra crisp fiver added to the little collection ... it creates a very visual stimulus and sense of confident satisfaction

I always remember my Grandad saying that he didn't 'trust' banks ... Nanna once went mad because she found a bundle of notes behind a loose brick in the chimney!! I have come to understand what Granddad meant now!

Debbie [:)]

[Skippy]

Same here Debbie except I use envelopes in the knicker drawer!!!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[aguise]

We must all be at it, we got a tin in a hidey place.[:)]

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Skippy]

I have just activated my e savings account that is linked to my Flex account. It seemed to work, so it looks as though you can get a savings account if you've got a Flex account.

Think I'll stick to the knicker draw though!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/