Hi, does being in an IVA prevent you from setting up any kind of savings account, ISA or pension? Obviously, it would not affect the monthly contribution. Thank you
Hi Foxy, I have a savings account and this is to be encouraged for your contingency etc. I think an ISA is ok providing you can get one opened and the pension then I guess so long as it's not affecting payments should be ok. I have a works pension when entering the IVA and that hasn't been questioned. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks, that's really helpful and good to know. I'm nearly halfway through now and was thinking of the future. I'll be 33 when I complete the IVA and I need to start thinking about being in a strong position financially. Positive thinking gets you through this - failure isn't an option
I have my terramundi jar in which I save any money left at the end of the week. Looking forward to when it is full so I can smash it and see what I've managed to accumulate!
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
Rather than needing permission - it is essential that you maintain some form of savings account during an IVA - as a method of setting aside your contingency money. A normal basis savings account is usually sufficient given the paltry rates of interest being paid at present.
