I am considering taking out an iva, have held a current account with a bank for over 20yrs, and just recently opened a new bank account to make a fresh start. As I hold a lone with the old bank, that will be included in the iva, i am now concerned that i won't be able to transfer to the new bank account as will have to declare the iva, and will be left without a current account.
The loan will need to be included in the IVA, and it would be advisable to get the new account into operation before proposing the IVA - which is likely in any case as IVAs take on averge 6-8 weeks to propose.
If you are still on the road towards an IVA, your new bank does not need to know about it. Your new bank does need to be one which is not a creditor of yours.
If it is HSBC or First Direct, they will close an account when they find out about an IVA (they check regularly).
The Co-op, Nationwide and Yorkshire Bank are all fine for people in IVA.s.
Have you spoken to anyone yet about an iva? If not, check out www.iva.com for a list of Insolvency Practitioners.
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
