Savings Accounts

[rachellxx39]

After having our iva approved we have aplied for a savings account with Co-operative Bank . Are we allowed to have savings account ?Just want to put any spare money away for birthdays and xmas !

[aguise]

Hi rachel. There is no reason why not. It makes sense to have somewhere to save your contingency fund.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[rachellxx39]

Did you know i went through the application for a savings account and anyone would have thought id asked for all the money the bank holds! It wasnt approved straight away due to certain checks to be made !! even though we opened a cashminder(basic bank account) before our iva was approved . i told them im not asking for credit after all its my money that im saving in it .

[aguise]

It seems daft doesnt it, no credit, no cheque book yet they do all these checks.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[james.c]

I have a savings account with the leed building society, i had no credit checks, and for the samll amount it is they pay interest which is something i dont get on my basic account with abbey.

The money you do save though as to come from you budget, in an iva creditors will not let you put it down on your I and E

no matter how bad money gets, theirs stll alot more important things in life

[Skippy]

I've got a Cashminder account with the Co-op as well and I applied for a savings account but was turned down as I failed the credit check! What a surprise, I'm bankrupt, and contrary to what the Co-op believe even a bankrupt is allowed a savings account! I phoned them up and they told me that they don't normally credit check, I was just unlucky, but the more I hear about them the less I believe that.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Dominic]

I was thinking of doing htis, is it ok to do so?

[MelanieGiles]

Yes of course you can - svings accounts are a good idea for anyone in an IVA to place your contingency and misceallaneous money each months so it is available when you need it - for instance when you have to renew your car tax.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Dominic]

Thats goodi was thinking of £100 a month intially I am jsut waiting for the Annual Review to be carried out and then will go ahead if things stay the same, if anything expenses have increased a little bit.

[j.k]

When the IVA Annual Review takes place, do you have to show how much you have in your savings accounts i.e contingency money saved each month for emergencies i.e. car etc.

[cr15py]

Not as far as I am aware j.k. I don't even think quite a few IP's ask for bank statements, as they haven't got the time to check them as their fees have been squeezed right down to the minimum.

[MelanieGiles]

No - we are just glad to know that our clients are being sensible and putting away a little for the inevitable rainy day.