likely to have tIVA failed for me

[penny.l]

I have a natwest solo account currently and am thinking of going bankrupt. I am 2 years into an IVA but am likely to have this failed for me. Will I be able to keep my current bank account or will this be frozen? I need somewhere for my wages to go, does this need sorting before I go bankrupt?

[Skippy]

I've heard varying things about Natwest - some people have been allowed to keep them and others haven't - it would be worth speaking to your branch. I have a Cashminder account with the Co-op and I would recommend this. I opened this after I was made BR so I could be sure that the OR would have no interest in it.

[Reviva UK]

Hi penny

The cashminder account is my current favourite
it is fine for folks in B and includes :-

telephone banking
internet banking
standing orders
direct debits
VISA ELECTRON CARD
08457 240 752 or 0161 947 7135

hope it helps

[penny.l]

Wonderful thanks guys.
By the way, once my bankruptcy goes ahead I assume my money will be controlled for me. Will I be left enough to live on? how do they work it out?

[Reviva UK]

your money is not controlled for you but you will need to fill in an income and expenditure form ( different form if you are being made b instead of making yourself B)

this clearly identifies your income - from all sources - and your outgoings. This will be similar to the one done for your IVA proposal.

if you have under £90 pm disposable then it is unlikely that you will pay a contribution. Anything over this figure then you will pay between 50% and 70% each month for 3 years.

[Skippy]

Although I am not well off, I have enough money to have a reasonable standard of living. I am paying into an income payment agreement (IPA) for 36 months but I am paying 60% (I think) of my surplus rather than the whole lot. If you have a look at my blog there is a table to give you a rough idea of what you would pay. I have also listed my allowances, although these obviously vary from person to person.