Can they find your savings?

saver_gem

I have several old loans and credit cards which i am paying back to debt companies at a low fixed monthly rate with no interest. I was wondering if i set up an isa or regular savings account will they be able to find out if i have the account and how much i have in there? Thanks:)

ANewEra

If the savings account was with the same bank you have debts with then yes they could see and chances are might use the money to offset what you owe.
However, if you have money to save why don't you use it to pay your debt off quicker and once it's gone start saving again?

saver_gem

Hi, because I'm not paying interest on the debt repayments and am going to get a part time job to save that money and get interest

MrsTinks

Ok - they CAN apply interest to your debts if at any point they feel like it and especially if they think you're holding out on you...
It's a risk you need to weigh up. Or you could I guess save with the view to pay a lump sum off the debt later on?
Should any of them go for a CCJ then you will have to present the court with your SOA and you'd need to explain why you have savings but have only beein paying minimum amounts to your creditors...

ANewEra

Well if a bank looked at your credit file, they would certainly see that you had an account elsewhere, however, to answer your initial question, they can't see how much you have sitting in there - unless the same company, and I don't know how it works in relation to some companies owning more than one bank/credit card. Having said that, I also don't know if a company that you are already with can look at your credit file without asking you? The thing that makes me think maybe they can is that when I looked at my report recently I had about 4 searches on it and I know I have not applied for credit for at least the last 3 years! So I assumed (maybe wrongly) that it was previous companies I'd owed money to. (and probably still did at the time)

Sorry completely rambling on now!!

So, in short, if your new savings account is not affiliated in anyway with anyone you own money to, then I would think you're quite safe.

FraudBuster

Don't forget about data sharing:

http://www.nhunter.co.uk/

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The simple rule is to never put money in an institution where you owe money.