Saving when in IPA

weightofmyshoulders

I was discharged from bankruptcy in May this year, but still have 2 years of paying into a IPA, my credit score is shot to pieces and was looking into repairing by saving via LOQBOX and additionally saving a little into a stocks and share ISA, The question is should I save at all while still in my IPA? Has anybody any experience’s to share like  this? 

Thanks in advance 

Morfx

Same position. Watching with interest.

luvchocolate

Technically any surplus you have would be taken in an IPA...but if you've managed to save from your allowed allowances that's good. 
Your credit score will not improve until your BR is removed after 6 years..no amount of savings will make a difference to that. 
Some banks etc will not give savings accounts while BR is on your file...so do research into this. 
Just to clarify your credit report will not improve until 6 years after BR

weightofmyshoulders

Thanks for the information luvchocolate , I’m not that concerned about rebuilding my credit really, I am more interested to see if it’s ok to save While I’m still repaying my IPA? 

luvchocolate

As I said if you've managed to save a little from your allowed allowances that's fine. 

Remember you need to inform the OR of any changes to your income within 21 days 

mwarby

Saving for budgeting purposes (eg saving for christmas, holidays, annual bills etc) is always good. I would though be a bit wary of saving a lot long term, if your IPA i'd reviewed due to change in circustances and you have a large amount of savings, its possible they may look at your allowances again