Savings account in an IVA

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caprel

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Post by caprel » Thu May 07, 2020 4:44 pm
Has anyone been able to open a savings account while in an IVA?
I am looking to open an account for emergencies however i am not sure if i will be penalised for this?
Can they check up on this? Legally do i have a right to despite if my IP says no?

kallis3

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Post by kallis3 » Thu May 07, 2020 5:06 pm
You can try to open a Co-op cashminder which will allow you to save small amount from your allowances. You don't have to notify your IP as long as its not vast amounts.
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.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Thu May 07, 2020 5:10 pm
I had two Cashminder accounts during my IVA. Most building societies will allow a savinga account and, as long as the amounts are modest and all income correctly accounted for with the IP, you are allowed to save. Indeed, some enlightened IPs will encourage you to do so as part of a healthy financial habit.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

caprel

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Post by caprel » Thu May 07, 2020 5:55 pm
Thanks guys, how much did you save?

kallis3

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Post by kallis3 » Thu May 07, 2020 6:08 pm
It depends how much you can save from allowances - should not be a vast amount.
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.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Thu May 07, 2020 6:45 pm
You would be talking in the tens of pounds ---- anymore then they will decide the allowances were too generous and review. You can add to this your share of any overtime or bonus income and, of course, those allowances which need to be saved until they are required ---e.g. haircuts: £5 per month would need to be saved until such time as you had accumulated enough for a haircut !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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