Hi all, are those in IVAs (like me) barred from having an ISA . I.e. Do the financial institutions impose checks / criteria that we cannot meet... If I am able to have can anybody recommend a good provider?
Thanks, Fletch x
I don't think ISAs are barred as such -- the Co-op is a strange beast in that it will happily give us a Cashminder account but does not believe we should be able to save!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As annoying as it is (and I wouldn't want to bank somewhere who uses this policy), you can see the rationale
The average IVA'er can't save much (long term, most of my savings accounts empty at christmas time, as they are for budgeting more than saving). I know at the moment I'd struggle to put more than about £50 per month away long term.
I'd imagine an ISA has a fairly high admin overhead(every account has some overheads), and fairly low margins (lots of competition)
Given all this some bank obviously decide that the figure don't stack up for them. The credit rating thing is a bit silly as they aren't giving you credit,but I suppose it helps them filter out those who (on average) can't save much.
Luckily there are quite a few banks that aren't so fussy, and you don't have to save in the same place you have your current account
On an aside when I look back at the pre IVA days when I had savings and credit with the same bank, the banks were doing fairly well by lending me my own money!!
