can anyone recommend an account?

[johnpaul]

natwest or barclays are not a creditor

JOHNPAUL

[Skippy]

I'm not so sure if Barclays would be able to take any money paid if the bank account was opened after the IVA was agreed, but hopefully one of the experts can confirm.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

hi skippy when i before i went on the dmp program and now looks like doing a iva if a bank is a creditor then they can take money from the bank account
lloyds tsb were who i use to bank with because they are a creditor was told to close that bank account down as they can take money from it

JOHNPAUL

[sonyse2t5]

If you open a brand new basic Bank account even with them as creditors in an agreed IVA, they should allow it as it has been shown.Basic Bank account is permitted, to close them too or not allow would be contrary to the Banking code.

I have applied with Natwest and Halifax just to see what happens, my creditors, just to see what happens.

[johnpaul]

hi sonyse a mate of mine is doing a iva for the last 12 months tryed to get a new bank account with natwest and it comes up bankrupt infomation is in your name even though you are not bankrupt by doing a iva

JOHNPAUL

[johnpaul]

i think natwest will say no if you are doing a iva might be best to try barclays or lloyds tsb

JOHNPAUL

[BECKY]

I think the bank takin money only applies if you have an account in credit with a creditor at the time of going into an iva. I applied at natwest but they class ivas as the same as bankrupt they offered me a savings accout not a current account , was a bit miffed as they run my business account which is always in credit

[Skippy]

As far as I am aware if a bank agrees to open a new account after your IVA is approved that is ok, even if they were a creditor. If you carry on using an existing account with a creditor they can offset the money paid into the account against your debts.

If your bank isn't a creditor, providing they don't have a problem with IVAs, you can keep using the account providing it has no credit facilities attached.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
Just to clarify the banks right to offset.
If the account is part of the IVA then the bank can,t take money from any other account ONCE the IVA is agreed.So if you open an account with a creditor any money you pay in after the IVA is safe.
If you have any money in any account with that bank prior to the IVA then they have a right to draw that money to offset against your debt.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp