www.iva.co.uk

I was just wondering about savings accounts on an iva and whether it was possible to have one to try and save a bit from out allowance and it not be taken off us at the end...
Would it be better to save wi the credit union? I is that traceable as we don't want to save only for it to b taken off us... We just want to get into the saving habit...

Hi. Most IP's positively encourage savings -- a good financial habit to get into. They won't be taken off you as long as they are from your allowances or your share of overtime etc (i.e not undisclosed income).

There are things you HAVE to save for ---- road tax, repairs, etc.

A good bet would be the Yorkshire Building Society ( not bank) -- they do an online e-saver account you can open in minutes.

I checked a while back with the Skipton Building Society and they are happy to open savings accounts for IVA'ers ( as, I imagine, most Building Societies would).

A savings account is allowed - you can put your allowances into that

So does that mean the money I'm left with a month after the iva is paid I can use whatever amount I choose to save??

It's yours to do as you wish with, if you can make a few cutbacks on your allowances. I save oddments and treat myself and hubby to a pub meal now and then, it's just our thing we've always done throughout the term of the IVA. x

You can - if you have anything left after your payments then you save it.

Always a good idea to save those contingency allowances.

Thanx everyone that has put my mind at ease I will fone my bank tomorrow and sort this out x

It is a great idea to open a savings account whilst your are in an IVA - even if just to hold the contingency allowances on a monthly basis until they are needed.