Cash ISA

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Fletch2204

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Post by Fletch2204 » Fri Mar 28, 2014 6:44 am
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
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plasticdaft

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Post by plasticdaft » Fri Mar 28, 2014 7:21 am
Co op wouldn't let me open a cash isa.


paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Fletch2204

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Post by Fletch2204 » Fri Mar 28, 2014 7:29 am
Do you bank with the co-op Plasticdaft?
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Foggy

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Post by Foggy » Fri Mar 28, 2014 7:47 am
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
 
 

Fletch2204

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Post by Fletch2204 » Fri Mar 28, 2014 10:10 am
Thanks Foggy... Good to see you still going strong!
I'm Walking On Sunshine, Yeah-Yeah...........

Katrina And The Waves
 
 

Foggy

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Post by Foggy » Fri Mar 28, 2014 11:24 am
On a Wing and a Prayer, Fletch :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kazzafunk

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Post by kazzafunk » Fri Mar 28, 2014 9:20 pm
Luckily I read the forum before our IVA and opened an ISA with my Cashminder. Never much in there tho!
Kazza

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IVA completed 21/03/2012
 
 

plasticdaft

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Post by plasticdaft » Fri Mar 28, 2014 10:16 pm
Yes I bank with the co op. They wouldnt ket me open a cash isa due to failed credit checking!!!!

Makes no sense at all.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

martinw

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Post by martinw » Sat Mar 29, 2014 12:42 pm
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!!

Martin
 
 

Fletch2204

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Post by Fletch2204 » Sat Mar 29, 2014 8:46 pm
Thanks kazza and martinw
I'm Walking On Sunshine, Yeah-Yeah...........

Katrina And The Waves
 
 

Shining

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Post by Shining » Sat Mar 29, 2014 10:10 pm
I opened an ISA with the NatWest when in an IVA.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MrsR

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Post by MrsR » Sun Mar 30, 2014 5:34 pm
I have an ISA, as does my husband. Both opened with no issues at my current bank account.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!
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