My IVA, Natwest & Tesco Savings

jsmith9156

Hiya,

It's just occurred to me that My Tesco Savings account could be Provided by the same people as my Natwest Account. (The Natwest account was one of the accounts that was part of my IVA).

Would I be wise to stop using my Tesco account and open a new one with someone else?

Thanks
James

CLAPTON

if the IVA is agreed and the saving a/c declared correctly at the time, then the IVA is a legally binding contract so they can't raid your a/c.
but if you're uncomfortable about it then change to another savings a/c.

james32_uk

You're not allowed to have savings in an IVA. I suggest you withdraw it and put it in someone else's name/hide it under the mattress before your IP finds out.

roswell

or be honset and pay the savings off your debt

CLAPTON

an IVA is an individual agreement and therefore varies between different people.
usually it involves a regular monthly payment, an agreement about increased earnings/one off bonuses or windfalls and maybe remortgage at some time....usually doesnot say you can't have savings.

jsmith9156

james23_uk wrote:

You're not allowed to have savings in an IVA. I suggest you withdraw it and put it in someone else's name/hide it under the mattress before your IP finds out.

Hiya,

The savings that I have are the "Emergency Contingency fund" that I'm allowed each month.. It's a grand total of £58 so far. Where am I supposed to keep it if i'm not allowed to save it in an account?!

James

james32_uk

Aha, I see. I misunderstood thinking it was some savings youd carried over into your IVA.

If it's your contingency fund then it's obviously no problem!

jsmith9156

Ah That's okay then

Cheers!

James