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Posted: Tue Mar 27, 2012 3:45 pm
by janderson
Hi All
We had our F+F accepted and have now come off the dreaded Insolvency Register, however after looking at sorting other things like life insurance out and finding I am better off putting my money in an ISA. Imagine my surprise when having approached my bank to open one I was told NO. The reason been that when in an IVA you are not expected to save any money and are therfore not allowed some savings accounts.
I was stunned and somewaht amused in an ironic sense. The bank have put forward an appeal and we will know in about a week if I can have the ISA account.
Life is weird at the best of times.
Posted: Tue Mar 27, 2012 3:50 pm
by kallis3
I've not got an ISA but do.have an e savings account attached to my bank account and had no problem with that.
It is stupid though that now you're out of your IVA you're being denied the opportunity to put some savings behind you.
Posted: Tue Mar 27, 2012 3:54 pm
by ginger3232
janderson - you have ask you self do your really want an account with your bank if they are going to behave like that!!.
Why not do a general search (ie moneysupermarket) you may find you can bet a better deal elswehere anyway.
Posted: Tue Mar 27, 2012 3:58 pm
by angelrainbow
I've got an ISA from pre IVA days and fully intend on using it again. I agree with Jan, shop around and find someone who is willing to let you save your own money - lol!
Posted: Tue Mar 27, 2012 4:04 pm
by kazzafunk
I know the Co-op who are IVA friendly normally say no to savings accounts whilst in an IVA (I opened an ISA with them prior to entering the IVA.
If your IVA is now complete I can't see any reason to refuse you. I would go elsewhere!
Posted: Tue Mar 27, 2012 4:07 pm
by nepensioner
I got an ISA with Yorkshire Bank within a year of my f & f, no problems at all..
Posted: Tue Mar 27, 2012 4:26 pm
by lem
Well i opened an ISA only the other day with my bank and I am still in an IVA?
Posted: Tue Mar 27, 2012 4:35 pm
by Shining
ISA with smile banking, not a penny in it but got one just in case I ever do and fully intend to use when IVA is completed. x
Posted: Tue Mar 27, 2012 4:39 pm
by ginger3232
co-op and smile - the interest rates are really bad 0.5% for an cash ISA. You can usually get about 2.5-3% elsewhere. "every little helps"
Posted: Tue Mar 27, 2012 5:10 pm
by footiemad
I would look elsewhere because there are plenty out there who will offer you the ISA. Which bank is it? x
Posted: Wed Mar 28, 2012 8:59 am
by janderson
Hi
Thanks for the replies, I am with the Co-Op and have had no problems with the basic bank account. I am going to have an internet search today and see what is out there.
Thanks again