Saving Accounts

plantpot100

A happy (but wet) Monday to you all.

Just wondering...I want to open a savings account (my first ever!!)...Will i encounter any problems in this, being a Bankrupt? Are we considiered trustworthy enough to have this type of account!? Or will there still be some Banks that will have a problem?

savagevixen

What worries me about this, is if you manage to save as a Bankrupt, surely this is the OR's money?
I am worried as I have more now in my account than ever before!

fermi

savagevixen wrote: »

What worries me about this, is if you manage to save as a Bankrupt, surely this is the OR's money?

No. If you have an IPA/IPO the OR can take up to 70% of your disposable income. The remaining 30% is yours to do with as you wish.
If you choose to save it, then that is your business.:)

allofadither

plantpot100 wrote: »

A happy (but wet) Monday to you all.

Just wondering...I want to open a savings account (my first ever!!)...Will i encounter any problems in this, being a Bankrupt? Are we considiered trustworthy enough to have this type of account!? Or will there still be some Banks that will have a problem?

Happy (dry where I am) Monday Plantpot.

I thought I read somewhere that when you open any new account with a bank or building society that a credit check can be carried out, but I think this is more to do with fraud/money laundering stuff rather than checking if you're BR or have CCj's etc. But I guess if they do this and see you are BR then they may decide to decline.

So the short answer for me is I don't honestly know. Let us know if you succeed plantpot.

NekoZombie

fermi wrote: »

No. If you have an IPA/IPO the OR can take up to 70% of your disposable income. The remaining 30% is yours to do with as you wish.
If you choose to save it, then that is your business.:)

I see your point - though the OR might argue that savings are not a necessity, and if you have them, you've clearly over budgeted somewhere. In which case, could he not call for a revised SOA?

Mike_St_Helens

NekoZombie wrote: »

I see your point - though the OR might argue that savings are not a necessity, and if you have them, you've clearly over budgeted somewhere. In which case, could he not call for a revised SOA?

Who's gonna tell the OR though ?

plantpot100

It's Ok guys! I'm not about to start saving millions! Just the allowences that i am allowed...ie: clothing/contents insurance/holidays/ etc etc

Just want to keep it seperate from my current account! Also - The surples after agreeing to an IPA - I'm pretty certain is yours to do with as you wish. Saving is never a bad option!!

NekoZombie

Mike_St_Helens wrote: »

Who's gonna tell the OR though ?

Dunno - does the OR even check these things? Just wondering - I'm in month 2 of BR and am not to sure what the OR might want to do next...

fermi

NekoZombie wrote: »

I see your point - though the OR might argue that savings are not a necessity, and if you have them, you've clearly over budgeted somewhere. In which case, could he not call for a revised SOA?

Savings are an essential part of budgeting post BR.

What are we supposed to do if the fridge/freezer goes wrong or the car breaks down meaning unplanned expense?
Or any number of unforeseeable expenses that can happen in life.

We can hardly put it on a credit card until next month.:D :rotfl:

Savings are all a part of learning to budget properly again, without the need for credit.

If your savings are consistent with what the OR has allowed you after your SOA has been assessed, and your circumstances haven't changed, then this level of savings will be fine.

EDIT: I simply asked my OR this question, as I didn't want to get into trouble, and this is what they said.

savagevixen

fermi wrote: »

No. If you have an IPA/IPO the OR can take up to 70% of your disposable income. The remaining 30% is yours to do with as you wish.
If you choose to save it, then that is your business.:)

What if you don't have an IPA/IPO? We don't and won't, as a percentage of our income is benefits. Where would that stand?

plantpot100

Hi Savage V

I'm sure savings would still be ok - Your IPA would have been worked out from your SAO and that would have taken into account things that you would need to save for...Insurances/hols/emergencies/utility bills etc.