2nd bank account

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tracey73

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Post by tracey73 » Thu Jun 21, 2012 8:45 pm
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Hi, I was wondering if it was ok for me to have 2 bank accounts whist in an IVA. I have the co-op cashminder which has all my direct debits coming out from and where our wages get paid in to. But I am wanting to put away an amount every month for emergencies,birthdays, christmas etc and I would like this in a separate account. Would this be frown upon when our 1st year review is due? x
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KM1512

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Post by KM1512 » Thu Jun 21, 2012 8:54 pm
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Tracey as far as I am aware you can open another savings account. I opened one when I was about 18 months into my IVA and IP stated as long as I didn't take an overdraft it was fine[:)]
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dw1983

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Post by dw1983 » Thu Jun 21, 2012 8:54 pm
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Yes its fine to have more than 1 account I have 3 and have no problem
Iva completed
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tracey73

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Post by tracey73 » Thu Jun 21, 2012 8:59 pm
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Ah great thanks, its just I kno if I keep it in our everyday regular account I will just spend it (old habits die hard lol). Th 2nd account is just a basic Barclays account, no overdraft or cheque book x
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mitch2311

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Post by mitch2311 » Thu Jun 21, 2012 9:11 pm
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why not open a savings account with your current bank?
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Kelly O

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Post by Kelly O » Thu Jun 21, 2012 9:13 pm
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Saving is encouraged in an IVA and i know of clients who have 2 accounts so they can save a small amount each month.

You shouldnt have any problems :-)
Regards Kelly Osadare Debt Advice Manager at www.pjgrecovery.com (host to www.melaniegiles.com.)

PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
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lilaclady2k

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Post by lilaclady2k » Thu Jun 21, 2012 9:19 pm
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Can I ask a question here because I’ve thought of having a savings account but I had a niggling thought?

Would the IVA Company want extra money in the next review if they could see I had surplus money to save?
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
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Niobe

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Post by Niobe » Thu Jun 21, 2012 9:24 pm
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If you can make savings then open up a savings account - your IP won't be interested in it.

We have two current and one savings and never a problem with any of them.
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Janey

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Post by Janey » Thu Jun 21, 2012 9:26 pm
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When I was in an iva i had a co-op cash minder and then a isa instant account which I ran on line so it was quick and easy to transfer between the 2 accounts. At the beginning of the month I would transfer half my remain cash after bills then transfer it on an as and when basis so that I was tempted to spend.
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lilaclady2k

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Post by lilaclady2k » Thu Jun 21, 2012 9:33 pm
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Ok thank you [:)]
life never seems to be the way we want it to be, but we live it the best we can . there is no perfect life but we can fill it with perfects moments.....
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Foggy

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Post by Foggy » Thu Jun 21, 2012 9:40 pm
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font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lilaclady2k

Can I ask a question here because I’ve thought of having a savings account but I had a niggling thought?

Would the IVA Company want extra money in the next review if they could see I had surplus money to save?
Some of the allowances you are supposed to save ---- car repairs, car tax, contingency, etc etc --- for when required.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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