Savings with existing creditor

[esgt1967]

As our IVA's have been up and running for 8 months now, is it OK to open a new savings account with a company that is a creditor in my IVA? I just need to know that they won't be able to "offset" any savings I have with them just because I owe them money in the IVA.

[ginger323232]

They should not offset now the IVA is up and running - however has happened in the past - best to avoid

[esgt1967]

Thanks for the advice. That's what I was thinking and, in any event, not happy to give my money to one of the creditors anyway although that does restrict choice slightly. Not got tons of money to put away obviously but just wanted to check.

[Shining]

I personally would put your savings elsewhere to be on the safe side too.

[MelanieGiles]

They cannot off-set your money once an IVA is in place.

[Adam Davies]

Hi

They can't but we have had isolated cases reported on here where they have and the headache in getting it back would be something to avoid.
Best to use a non creditor as others have advised

Regards

[luluj]

Bizarre as it seems you may struggle to open a savings account whilst in the IVA ...try and avoid creditors as others have suggested. I would look at your current bank and see if they have a account that is linked ....let us know how you get on.

[MerlinL14]

Try your local Credit Union.

[UpToMyNeckInIt]

...Who have you been able to open a savings account with?

I like many others here, have struggled to get a basic bank account, let alone anything else!!!

[plasticdaft]

I couldnt get a savings account with the co-op who we bank with but did manage to open a yorkshire BS online saving account.

The credit union is a good shout too.

Paul

[Luigi]

I've open my bank account when a started the IVA process, and a month later the saving account for car expenses, etc... I hope nothing goes wrong, and they don't close it once the IVA gets approved. (Not a creditor on the IVA)

[ginger323232]

Fully agree with plastic daft - try a credit union - your money is covered under deposits scheme, also there a better chance of a decent interest rate

[Kelly O]

I second the credit union, i recently had a client who had used a credit union throughout his IVA to save small amounts of money each month, when his IVA was completed because he had built up a relationship (and savings) with them they gave him a loan to buy a desperatley needed new car

[wickerwish]

I agree with credit union. I've been with them throughout my iva.

[Hyperdrive]

I too would disagree with Mel. Credit Unions are the way forward - do not put savings in any account linked to a creditor, at best you will get the money back after a lot of unnecessary stress [;)]