Bank accounts

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Rod Newman

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Post by Rod Newman » Sat May 21, 2011 8:38 pm
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If I can clear my overdraft, thus ensuring the bank is not one of my creditors, can I keep my existing bank account if I get an IVA?
Rod
Most day's you feel like the statue but just once in a while you get to be the pigeon!
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kallis3

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Post by kallis3 » Sat May 21, 2011 8:43 pm
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If they're not one of your creditors then yes, you can keep the account. Make sure you have the overdraft facility removed though!

If it should be either HSBC or First Direct though, be aware that they are well known for closing down accounts of those in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Rod Newman

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Post by Rod Newman » Sat May 21, 2011 8:46 pm
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Hmmm that has given me food for thought. I am currently being advised by two of the IVA companies to close account and switch to RBS, something I do not want to do unless I have no choice
Rod
Most day's you feel like the statue but just once in a while you get to be the pigeon!
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Foggy

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Post by Foggy » Sat May 21, 2011 8:51 pm
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Make sure they are not linked to any of your creditors though (many credit cards, for instance, are from companies within a group).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Sat May 21, 2011 8:55 pm
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Who do you bank with at the moment Rod?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Rod Newman

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Post by Rod Newman » Sat May 21, 2011 8:57 pm
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Abbey, sorry Santander i'm an old traditionilist!
Rod
Most day's you feel like the statue but just once in a while you get to be the pigeon!
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kallis3

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Post by kallis3 » Sat May 21, 2011 9:07 pm
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You should be ok then but I would look to open a new account with another bank such as the Co-op as well just in case!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Rod Newman

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Post by Rod Newman » Sat May 21, 2011 9:10 pm
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OK, but if the IVA company are saying I must use the RBS as that is the bank they use do I actually have a choice?
Rod
Most day's you feel like the statue but just once in a while you get to be the pigeon!
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Shining

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Post by Shining » Sat May 21, 2011 9:11 pm
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I don't see how they can tell you who to bank with Rod, it's your choice, they can only recommend you open a new account with someone not linked to a creditor.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Rod Newman

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Post by Rod Newman » Sat May 21, 2011 9:16 pm
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Thats what I thought, and to be honest I am feeling less and less happy with the advice I am getting from him. I have another call on monday with Melanies firm and hopefully that will be less intimidating and dictactorial
Rod
Most day's you feel like the statue but just once in a while you get to be the pigeon!
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kallis3

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Post by kallis3 » Sat May 21, 2011 9:21 pm
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They cannot tell you who to bank with, you go with what you are comfortable with.

Mel's team will never tell you who to bank with.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Shining

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Post by Shining » Sat May 21, 2011 9:28 pm
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I'm with Mel's team Rod and they never told me who to bank with, it was always my choice. Hope your meeting goes well with them on Monday x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Rod Newman

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Post by Rod Newman » Sat May 21, 2011 9:35 pm
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Thanks for guidence all. The Fella from the Think Money Group phoned me wednesday chasing an answer and again today. Starting to get more hassle from him than the creditors!
Rod
Most day's you feel like the statue but just once in a while you get to be the pigeon!
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kallis3

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Post by kallis3 » Sat May 21, 2011 9:38 pm
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I would not be touching anyone who was chasing me for a reply. Tell him to get lost and use a decent firm!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Foggy

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Post by Foggy » Sat May 21, 2011 9:56 pm
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I would recommend the Co-Op (if they aren't a creditor) -- easy to set up, internet banking and UK call centres.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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