Savings while undischarged

Puzzledbubbles

Hey All,

Right, ive had my letter from the OR confirming my IPA and confirming my allowances, now, im wondering, am i able to put the money they say i can have on a monthly basis into savings.

Im talking about the money i can save a month for TV licence, for prescriptions and glasses, for hair cuts etc.

It would probably total to £100 a month, now if i cant put it into a savings account i will withdraw it and put it into a sealed tin until i need to open it, but a bank would be much easier.

Also, i want to try to save some of the money that they have allowed me for groceries etc, im hoping that in a year or so i will be able to afford to buy a car and insure and tax it etc. I would like to add this money to the savings account but understand that might be daft what with me already having an ipa so can i just take out the cash and stash it as well or do they not care if i save now?

Thanks in advance

Puzzled

xx

bluebird36

Good question, have wondered about that too!

Richard_S

Hi Puzzled,

I think Sainsbury's offer a savings account that's available to bankrupts. There was a discussion on the subject some time ago, but I'm not sure whether it's included in the "Bank accounts" sticky.

The O.R won't mind where you keep the cash as long as they get their "pound of flesh" er, I mean the IPA.:rolleyes:

With interest rates as low as they are at the moment it might even be worth buying Premium Bonds and adding a little excitement to the saving process.:j:j

Regards

Richard

Waspeze

I got a savings account with Chelsea by going into the branch whilst undischarged, spoke to a very helpful lady there

Sainsburys wouldn't give me one until I gave them confirmation of discharge (which at the time I wasn't)

skylight

If you are having difficulty with the savings account, then open another basic account. Originally I used my Natwest Step for my day to day stuff and the Co-Op Cashminder as the "savings" pot. Natwest allowed me to open a savings account before my discharge. But - I think with Natwest, I am the exception rather than the rule!

philnicandamy

Sainsburys internet saver is only available to discharged bankrupts.....although I still had a struggle to open with them....all I need now is some spare cash to put in the blomin thing!

Puzzledbubbles

Hey all,

Well i already have a saver with Barclays, they created it for me when they created my bank account so thats fine - but its really the amount that im able to save, i mean if i save £100 a month (plus an extra £50 if possible) then thats £1350 before the end of the year - if i have that kind of funds availible will the OR be able to make any claim on it?

Thats my main worry, that i will save like a banshee and then have to give it all to them

Thanks

Puzzled x

LilyBart

Billy also has a savings account with Chelsea. No awkward questions, though he told them he was BR anyway.

tillboy

I'm using my sons nationwide savings account (not child trust fund) we opened it ages ago as relatives keep giving him cheques for birthday xmas. I also use it to put my expenses cheques through luckily he has the same initials as me :cool:

oneandonlyboy

If i was you, i wouldnt worry about putting the money into a savings account if your not discharged just incase. If the OR found out you are saving £150 a month they might be interested. Plus with interest on savings being so low it makes no difference if you keep it under the bed, at least there isnt a chance the OR finding it there.

LilyBart

Depends how close your relationship is with the OR!