What happens to money in the bank

springhaze

Hi,

Hope this isn't a stupid question.

I have opened a co-op account (ready for my BR) and my wages will go into it the day before I go to court.

Due to the fact that I moved from using my own company to using an agency one in december my money will actually be wages for one and a half months (jan plus half of december).

I know I will have to pay an IPA and I believe from what I have read on here that the IPA could take up to 3 months to start and when it does I would have to pay it for 36 months, but in the months up to it being started I can keep the money that would have been for the IPA?

So my two questions are:

Am I right in thinking that until the IPA starts I will get the chance to put some money away?

Because I will be getting one and a half months salary paid in to my co-op account the day before my court case, will the OR take some/most of that money and just leave me enough to pay that months bills?

I am feeling a bit confused about how that will work.

Thanks in advance.

dojoman

springhaze wrote: »

Hi,

Hope this isn't a stupid question.

I have opened a co-op account (ready for my BR) and my wages will go into it the day before I go to court.

Due to the fact that I moved from using my own company to using an agency one in december my money will actually be wages for one and a half months (jan plus half of december).

I know I will have to pay an IPA and I believe from what I have read on here that the IPA could take up to 3 months to start and when it does I would have to pay it for 36 months, but in the months up to it being started I can keep the money that would have been for the IPA? YES

So my two questions are:

Am I right in thinking that until the IPA starts I will get the chance to put some money away? YES

Because I will be getting one and a half months salary paid in to my co-op account the day before my court case, will the OR take some/most of that money and just leave me enough to pay that months bills? Mine did not but you never know.

I am feeling a bit confused about how that will work.

Thanks in advance.

Hope this helps.

brokeinbristol

Me & my husband got paid both our wages the day before BR, B4 we went into court we went to the cash point & drew out the the excess, having ensured all direct debits & essential payments had gone out up until that point. The OR did say during our subsequent interview that she would not show an interest in that account until she had worked out whether there would be an IPA & sign you up to it. Until then all extra is yours, so stash it!

out_of_cash

stash it!or they will have it