Hi john

yes, there's nothing to prevent you saving. Just ensure your trustee doesn't try and claim your savings. Unlikely, but we've heard of too many unlikely scenarios on the forum before.

Mark

Co op bank wouldnt allow me to open an ISA due to my credit score!!

Go work that one out!!

Opened an online saver with yorkshire building socuety instead.

Paul

Hi Johnd

Contact your case manager and make them aware if you do start to make some small savings. Advise them how you are able to do this financially i.e. putting your monthly car maintenance allowance aside for a potentially big repair bill. That way it won't surprise your Trustee when he reviews your situation and finds you have savings and considers taking them.

As long as the is a reasonable explanation for the savings there should be no problems.

Hello Johnd,

I would advise you to quickly run the idea past the Trustee. This could be seen as 2 different issue's by the Trustee if not first discussed. There is a monthly/weekly provision built in to your income and expenditure for vehicle repairs/tax/MOT etc and contingencies etc. If you correctly advise your Trustee there is no reason why this may not be utilised in an ISA account. Set a side for when it is required. As long as it is not then used for a holiday, or something flamboyant at the end of the day. If the Trustee is not made aware and finds out about the funds, they may think it may be something untoward and likely to investigate it further. Best just be open to allow it to be noted on your file.

I asked my trustee if I could put money aside in a savings account and was told no, that all money should be put into the TD! I was only wanting around £500 for emergency car repairs etc!

Hi Trixie

All income which you receive after the signing, subject to the agreed contribution belongs to you and as such you are entitled to do with it what you wish. Section 32 of the Act.

I'm not sure how a Trustee can carry out a review of income and expenditure, agree a contribution from the surplus and then seek payment of additional sums when there are no changes in circumstances!

Mark

Interesting! I may try again!

Thanks Mark