confused

[ivadenuff]

Hi all. I had a policy with axa sun life which i have just cashed in, haven't entered into the iva yet, will any of this money have to go into the iva? Also what am I allowed/not allowed in a bank account? Can I have a debit card? Can I set up direct debits/standing orders? Any help much appreciated.

[MelanieGiles]

Hi there

Yes - you will need to fully account for the proceeds of the endowment policy to your nominee. Why have you cashed it in now?

You will find much advice on how to set up a new bank account and which banks to try on the forum. A lot of people recommend the Co-op so give that a go, and the decision as to what facilities you will be allowed to have will rest with the bank.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ivadenuff]

Thanks for the reply, I cashed it in now as i need some of the money to live on for the rest of the month! Will a percentage have to go into the iva?

[MelanieGiles]

If this is your only source of income, then I would question whether you are a candidate for an IVA in the first place. Can you explain why your cashflow is short this month, how mucn the policy was worth, and how much you envisage will be left at the end of the month.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp