Can I have a savings account?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1


Posts: 1
Joined: Fri Dec 07, 2018 8:38 pm

Post by GraysAnatomy » Tue Oct 06, 2020 8:38 am
Can I have a savings account and if so how much would I be allowed to save each month?

Would I have to provide the statements for my savings account at annual review?

I’m worried to save money just in case it’s then just taken away from me.


User avatar
Forum Expert
Posts: 76727
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Oct 06, 2020 8:56 am
You can have a savings account but will only really be able to save from your allowances and your share of any bonuses or overtime. You probably won't have to produce a statement.
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.


User avatar
Forum Expert
Posts: 32774
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Oct 06, 2020 9:08 am
A modest savings account is a good idea and can, as Kallis says, be used for those allowances that need to be saved each month for that rainy day as well as your shares of overtime and bonus payments. You would be expected to save only a modest amount and the IP probably would pay no heed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


User avatar
Posts: 115
Joined: Sat Oct 26, 2019 11:08 pm

Post by WallE » Tue Oct 06, 2020 6:16 pm
As has been said, a modest savings account isn't a bad idea for a rainy day etc.

Nothing to stop you sticking a few quid under a mattress though :wink:
I work for one of the UK's biggest Insolvency Practitioners. All posts I make are my own thoughts and/or opinion and are not the views of my employer. None of my posts constitute legal advice and should not be taken as such.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”