Can people in IVAs have savings accounts?

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missy80

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Post by missy80 » Fri Jul 23, 2010 12:22 pm
Just wanted to start some kind of emergency fund - is that allowed or will it look like I'm harbouring untold riches??
 
 

kallis3

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Post by kallis3 » Fri Jul 23, 2010 12:34 pm
Yes you can. You will find that most IPs will encourage a savings account for your contingency allowance and anything that you can save from other allowances.
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Michael Peoples

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Post by Michael Peoples » Fri Jul 23, 2010 12:35 pm
It is good advice to open a savings account to put away your allowances for when they are needed. You can also save your share of overtime or bonuses and use these funds as you see fit.
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Tina Shortland

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Post by Tina Shortland » Fri Jul 23, 2010 12:42 pm
If you have managed to stick to your budget and with some additional cost cutting tips be able to put some away at the end of each month it is yours and nothing to feel bad about. An emergency fund is a good idea as is giving yourself a treat every now again if the money is there to allow a little one, making sure your allowances are there to cover the necessaries. Just think how good it will be seeing a small balance grow knowing it is all your own and anything you use it for can be done without any guilt whatsover.

Happy saving.
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missy80

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Post by missy80 » Fri Jul 23, 2010 12:44 pm
Thanks. Is there one anyone could recommend. I bank with the Co-op and I was looking at one of their savings but it says they do a credit check?
 
 

Michael Peoples

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Post by Michael Peoples » Fri Jul 23, 2010 12:45 pm
What about a local building society with a passbook if these still exist. Or perhaps the Post Office?
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Tina Shortland

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Post by Tina Shortland » Fri Jul 23, 2010 12:46 pm
I would say have a chat with them as they are looking after you already (I assume you have a cashminder account so they know what you're doing anyway??). You could always open another basic account and use it like a savings account?

I'm sure the other posters on here will come up with a few from their experience.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

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wannabedj

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Post by wannabedj » Fri Jul 23, 2010 1:22 pm
I have a savings account with natwest. 1st time applied I was strangley declined. Applied again the next day and it was fine!!
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