Bank Accounts

[loujohns]

Hi,
I am currently in the first year of an IVA and am thinking about changing my bank account. Can you advise if I would need to inform my IVA practioner of my new details if this goes ahead? I currently make my monthly payments by standing order so their payments would not be affected. Can you also advise if when you are in an IVA the practioner can have access to my bank account.
Many thanks

[ClearDebt]

There is absolutely no reason why you can’t change your acccount - but you would need to tell the bank you are moving to that you are in an IVA. That shouldn’t be a problem, as long as you don't have an overdraft and don’t already owe the new bank money in your IVA.

You must definitely advise your IP so that their cashier’s department can keep up to date.

Finally there is absolutely no reason for the IP to have access to your bank account other than to receive your standing order.

Yours,

Andrew Smith

ClearDebt
www.cleardebt.co.uk

[sean]

Hi loujohns,
Andrew is completly correct for the most part however you will not need to inform your IP regarding a change of standing order instruction.

A standing order is an individual direction from the account holder to their credit destination organisation. It has no bearing on where the standing order destination is at all (Insolvency Practitioner or not - a Standing Order is different to a Direct Debit)

This link may help loujohns in terms of changing accounts:

http://www.fsa.gov.uk/consumer/pdfs/bank_account.pdf



Kind regards

Sean
http://www.myvesta.org.uk

[ClearDebt]

Sean,

Agreed - no legal necessity to tell anyone: But, we've had cases where transfere of standing orders etc has either been cocked up or done in such a way as we have appeared to miss a payment:Forewarned is forearmed!

Thanks for the really useful link by the way, we'd not seen that.

Regards

Andrew

ClearDebt
www.cleardebt.co.uk

[sean]

Hi Andrew,
Take the FSA Basic Bank Account Guide with a pinch of salt. What is published does not seem to represent reality when it comes to individuals actually applying for these accounts.

Kind regards

Sean
http://www.myvesta.org.uk

[Dominic]

do i have to tell any bank i am applying to for a basic abnk account that i am applying for an IVA, i am at the very start of the process.

[Oliver]

No you do not need to tell them. Most banks offer a "no frills" bank account and you just need to make sure that the bank understands that you require an account with no related credit products i.e overdraft etc...





You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
James Falla
www.thomascharles.com

[Dominic]

thank you.

[mkdawn]

is there anywhere where you can get a current account i have bank account but it is basic and you can only set up standing orders and direct debits.
Dawn

if at first you dont succeed try again

[Oliver]

Hello Dawn

If you have an account where you can set up standing orders and direct debits you are doing pretty well. I guess that you are looking for an account which has some more facilities i.e a chequebook, debit card? You could try Nationwide Flex Account or otherwise try a pre paid credit card.




Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com

[RICKI]

Hi,
I had huge problems with setting up a bank account a couple of months ago and I found it reasonably easy to get an account with CoOperative Bank. It's a Cashminder account and I can set up internet banking, direct debits, standing orders and I also got an Electron card. I was nervous at first because I didn't think that many places would accept Electron but to be honest, everywhere from Asda and all the main supermarkets to Mothercare, Dorothy Perkins and even Paypal and internet stores (eg. Play.com etc) accept it so I've had no problems at all.
CoOperative accept people who are bankrupt so although I had to go through 5 days of not knowing if I'd be accepted for the account, they've been excellent and I would recommend them no end.
Good luck and take care,
Erica.

[herbek]

The basic Natwest account that I opened is great. You can do all your direct debits/ standing orders etc and you get a Solo/Maestro card meaning if you are abroad you can access to your cash from this account from most (all?) cash machines just like a credit card. You can view your account on-line as well.

[DebtDummy]

herbek, I have a Natwest STEP not bad is it? Just about all the shops take it. It has DD and SO and like you said you can access your account from abroad. I wouldn't know about that though, accessing from abroad, we are too broke/skint for a holiday(smile).

All I have left is my humour.