www.iva.co.uk

Hi, does being in an IVA prevent you from setting up any kind of savings account, ISA or pension? Obviously, it would not affect the monthly contribution. Thank you

Hi Foxy, I have a savings account and this is to be encouraged for your contingency etc. I think an ISA is ok providing you can get one opened and the pension then I guess so long as it's not affecting payments should be ok. I have a works pension when entering the IVA and that hasn't been questioned. x

Thanks, that's really helpful and good to know. I'm nearly halfway through now and was thinking of the future. I'll be 33 when I complete the IVA and I need to start thinking about being in a strong position financially. Positive thinking gets you through this - failure isn't an option

Hi - I have an ISA with Lloyds and didn't have any problem opening it. I have more money in my penny jar than my ISA but I'm ever hopeful!!!

I have my terramundi jar in which I save any money left at the end of the week. Looking forward to when it is full so I can smash it and see what I've managed to accumulate!

Rather than needing permission - it is essential that you maintain some form of savings account during an IVA - as a method of setting aside your contingency money. A normal basis savings account is usually sufficient given the paltry rates of interest being paid at present.