www.iva.co.uk

Hi.. Just wondered anyone can give me any advice?? I have started my application for an IVA, just waiting to sign the papers for the go ahead.. just wanted some advice really in terms of an ISA. Is it posible to take out an ISA whilst in an IVA? Would they take this into consideration? Am I ok to make monthly deposits into this account with what I have left over from my monthly wage and have not spent during any particular month? Thanks!

I would think it would depend on the reason behind you wanting to save into an ISA.

Your IVA contributions would normally formed from any disposable income left after your monthly expenditure had been taken out.

Most creditors allow expenditure from those recommended by the CCCS. An ISA account is not among them but if, say for example you are already contributing to it and it forms your repayment vehicle for an interest only mortgage it may be considered by a creditor. The danger here is that your creditors may feel that if you have money to save you should perhaps be putting it towards paying off your outstanding debt.

I suggest you discuss with your concerns with your IP.

Hi
If you can make savings from your allowable expenditure or from your share of overtime/bonus then you are free to save as you wish
Good Luck

It is a great idea to have a savings account in which to put any surplus money until it is needed, but as you will need fairly instant access to the funds I would not have thought that an ISA would be the most user friendly account to hold. An ordinary savings account, perhaps with internet access might be more sensible.