www.iva.co.uk

Morning all, just a quick question, just completed my annual review and just wondering if i can put my savings into a new bank account? will i have to let my IP know? Im allowed 50% of my payrise i recieved couple months ago which will be £40 a month that im allowed to keep plus £20 a month car maintenence so was wondering if i was ok to stick this into a new bank account instead of having to keep in a jar?

Just a bit cautious incase i have to hand it all over if i get significant amount over the many months of iva

The answer generally is yes but there is one company (Creditfix) that seem to have a problem with the concept of savings in an IVA.

i am with payplan, as i have been use to living on my budget past year thought i would save my extra from payrise for the future incase of car repairs or other expenses

As far as I am aware, Payplan never ask for bank statements - they certainly didn't for me.

Depending which bank you are with will determine whether or not they will let you have a savings account - Co-op don't usually let you but will give a Cashminder account.

before my iva was set up i got a new basic cashcard account with nationwide just incase i needed to change banks but never had to so i stayed with my current bank, this one has sat dormant since then but i intend to use this one for my savings just didnt want it to be a problem further down the line.
Thanks for the replies

You should be ok.

Personally I think the Creditfix thing is a real case of "missed point" and lack of context.

For example, asking them if money in a savings account would be taken by the IVA would probably result in a "YES".

However, asking them if it's OK to put your car maintenance money in a separate account ready for when it needs repairing the answer would probably be "THAT'S FINE".

Without the context, someone at Creditfix probably took the over simplified view that "savings must be paid into an IVA" and gave the ill-considered answer.

Probably remembered their training or something they read that said "savings are an asset to be paid into the IVA" and didn't apply any common sense.

Life is full of people like that [|)]

I would like to believe you but they have been so inconsistent (and at times misleading - not really what I want to say).

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by hubert

Personally I think the Creditfix thing is a real case of "missed point" and lack of context.

For example, asking them if money in a savings account would be taken by the IVA would probably result in a "YES".

However, asking them if it's OK to put your car maintenance money in a separate account ready for when it needs repairing the answer would probably be "THAT'S FINE".

Without the context, someone at Creditfix probably took the over simplified view that "savings must be paid into an IVA" and gave the ill-considered answer.

Probably remembered their training or something they read that said "savings are an asset to be paid into the IVA" and didn't apply any common sense.

Life is full of people like that [|)]

I had similar issues with CF, it's bizarre.

I often feel like I'm dealing with people who don't fully listen or understand when I speak to them. I have been putting aside the uplift I'm allowed to keep and was told, "You're not allowed to have savings..."

It's infuriating and time-consuming having to deal with 'stupid'. It's hard enough in an IVA without having to argue with case-workers who have no idea what they're really doing (and giving bad advice).

Prior to my transfer to CF I knew enough to know I had made the right decision - now I know enough to work in most IVA companies and do a good job:(