Hi all
I am considering and IVA at moment and i have a bank account that i rarely use - it does not show up on any CRA report and is not connected to any of my creditors.
I would not be using it for my main account and it would just be for "stashing" a bit of spare cash for a rainy day( if i am lucky enough to have any after i enter my IVA) - would this be allowed?
The account has a cheque book and Debit card but i would be happy enough to stop using these if i had to.
Any advice appreciated.
[:)]
Your account sounds fine and you can save in it and indeed it is a good idea to do so. The allowances are monthly amounts which need saved for when they are required.
thanks Michael
Would you have to show the bank statements from this account as part of your annual review etc or would you just show the main bank account that you are using for your salary etc to be paid into and DD paid out of?
To be honest it would depend on your own IP. We do not request bank statements at any review as how you spend your money is your own business but I do know some IP firms do ask for them. Sometimes clients will send in bank statements to confirm payments or wages where they have lost a wage slip or want to show proof of a payment but as for savings accounts it does not concern us.
Bear in mind on top of the allowances that you should save, you can also keep your share of overtime and bonuses to spend how you wish. This money can be saved in this account towards Christmas, birthdays etc to which you do not get an allowance.
