I want to stay with my bank

[fran]

I want to stay with my bank. I have a cheque book and Maestro card. Will I be able to keep them or will I have to give up my cheque book and just have a cash card?

[Skippy]

Hi Fran and welcome to the forum. Is your bank one of your creditors? If not, depending on who you bank with you may be able to stay with them. However, if you bank with HSBC or First Direct you will need to open a new account as they automatically close the accounts of people in an IVA.

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/

[kpw]

Hi
HSBC let me open a basic bank a/c and I was about 6 monthes into my iva.They improved my facilities once I had been with them another 6 monthes to include a cheque book. Now my iva is concluded(F+F) I now have as good a facility as i had with my previous bank pre iva. That is £100 cheque guarante card, Maestro debit card and an o/d facility if i need one. So you can get back on yor feet and regain decent banking facilities. It seems to me that bank branches vary in the accounts and facilities they offer. Don't give up if refused. Keep perservering. Try another branch or another bank but remember to ask for their basic account to start off with.

[Skippy]

HSBC will no longer accept people who have an IVA, and if you are already with them they have a policy of closing the account - nice people!

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/

[sonyse2t5]

Any current account will frozen , so make sure you have no £££ in it....banks will take it prior to the iva been set up.

Go back later and open a basic account....and that should be fine. You don't even have to explain about the IVA. You can't get a premium status current account. Unless you are sneaky.... open another premium account with another NON creditor branch before the IVA goes through. Some people have done this....but the Banks may close it down if they find out????? Unless you ge them to tell you so by writing which will raise the issue which may not be discovered.

[Skippy]

Lloyds weren't one of my creditors and they allowed me to keep my account. When I was in the IVA I had a higher interest account with chequebook and debit card. When I sent that to the OR after I was made BR they would only give me a cash card, although I kept the 'high interest' account.

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/

[clar30]

hi dots,
were you referring to the statement made by sonyse2t5.
I was under the understanding that only current accounts held with creditors would be in danger not current accounts held elsewhere that you dont owe any money to the bank as well.

please correct me if I'm wrong,

cheers,

[Skippy]

Hope you don't mind me jumping in on this one!

To clarify - if your bank is a creditor you will need to open a new account with a bank who is not one of your creditors. Depending on your credit score at the time of opening an account you make get a full bank account rather than a basic one. The only stipulation is that you must not have credit with the account.

If your bank is not a creditor you will most likely be able to keep the account, although again you must not have any credit. Some banks have a policy of closing the accounts of people in an IVA - HSBC and First Direct definitely do this as company policy, and I have read on here that Natwest have done it, although it doesn't seem to be company policy.

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/