IVA, Mortgage and wanting to save??

sillysis_2

My partner have and I have an IVA (to avoid bankruptcy - which would have affected his employment), its free'd up a little bit of cash, which we want to put aside in another account for emergencies, or for those things we can no longer use credit for (I'm going to need a newer car soon, and washing machine on its last legs).

the IVA means the agency can ask for access to banking and savings information, and I don't want them to be able to take money we've put away for emergencies or to up the amount we pay on the IVA.

Bearing in mind, part of the ways we've free'd up a bit of this money is by budgeting heavily in other area's, how can we go about putting this money 'safe'.

We also want to put some aside for my son when he's older, I could lock it in his Trust Fund, but prefer to build it up and have some on hand in case he wants to go on school trips abroad which can expensive, would and ISA in his name with me as account holder be acceptable.

FoggyBrain_2

Hi. Any money you manage to squirrel away from your allowances and the 50% shares of overtime and bonus payments is yours to do with what you wish and cannot be taken into the IVA. As for saving for your son, you can easily iopen a building society account in his name with you as named parent. If the account is in his naem, the money therein is his and, again, is seperate from any IVA.

May IP's would encourage you to save from your allowances, if possible, as this promotes good financial sense.