Can I open a separate bank account so any savings can go straight into that?

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nadia499
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by nadia499 » Thu Nov 23, 2017 4:06 pm
Hi,
Just wanted to ask can I open a separate bank account so any savings can go straight into that account.. at the moment I am with nationwide for my iva .. also wanted to know when my iva goes for a review will they trace that I have got a separate savings account or I can just keep quite about it .. please let me know as I would really like to save up ..
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JustPlainStupid
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by JustPlainStupid » Thu Nov 23, 2017 4:31 pm
nadia499 wrote:
Hi,
Just wanted to ask can I open a separate bank account so any savings can go straight into that account.. at the moment I am with nationwide for my iva .. also wanted to know when my iva goes for a review will they trace that I have got a separate savings account or I can just keep quite about it .. please let me know as I would really like to save up ..


I've got a savings account with Nationwide as well. I only opened my current account when I was about to enter the IVA, so probably similar to you. I transfer a chunk of my salary over as soon as it gets paid and most of my bills have gone out. I then transfer it back in small amounts using the app. The hope is that there's always slightly more each month. It does work. There's always just about enough to cover any of the smaller nasty surprises so I would say to go for it.

Not sure about letting the IVA company know. Bear in mind though, some of your allowances are calculated monthly for stuff that might come up annually. So having a savings account is financially prudent. Also, if you've been transparent about your disposable income, THEY control how much you pay into the IVA. You have very little say in it in the scheme of things. What you do with what they leave you with is none of their business as far as I can see.
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Foggy
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by Foggy » Thu Nov 23, 2017 4:47 pm
Most firms encourage savings --- some allowances you have to save from month to month for when they are needed, and you can also save your share of overtime and bonus payments. They are not usually scrutinised, unless you accumulate thousands !
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kallis3
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by kallis3 » Thu Nov 23, 2017 6:28 pm
It is a good idea to save any of your allowances - car tax, maintenance, that sort of thing which you won't use straight away.
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