can I use current account in IVA ?

[helpIVA]

I have set up a Halifax Current Account, which i have not started using yet. Could i use this once the IVA is in place?

[Skippy]

Yes, you can use a current account providing the bank isn't one of your creditors. I kept my Lloyds current account without any problems.

[kallis3]

Provided they are not one of your creditors, and you don't accept an overdraft, you should be ok to use it.

[luluj]

As others have said yes you can however no overdraft - if you have one agreed but not using it, ask for it to be removed and keep this in writing for reference.

Halifax is merging with Lloyds - were Lloyds one of your creditors ?? Although we have been told that our money should be safe in the merger - it might be wise to consider an account that has no association to any creditors - not sure when the merger is taking place but worth looking at - I went to the Abbey this week and opened an Instant Plus account.

[helpIVA]

Thanks guys, they offered a £5 overdraft which i would cancel as suggested but yes one of my creditors is lloyds, hummm. Will try Abbey x

[David Mond]

Or the Co-op or NatWest Step Account

[helpIVA]

I have debits with Natwest............

[helpIVA]

What would be best Abbey Current Account or Abbey BAscic Account

[David Mond]

Depends on what services they offer againstwhat you want

[helpIVA]

Ok. What accounts are a no no? Is it just ones with overdrafts?

[kallis3]

As long as there is no credit involved, I believe any account is ok. However, you may find that if you have not been paying your creditors whilst you set up your IVA, that your credit rating will be poor, and this will limit the type of account you will be offered.

[luluj]

Abbey Instant Plus is a Visa Electon card, no overdraft, no cheque book - there basic account is a cash card only !