Hi all, I have a single account with lloyds which is £1500 O/D that is included in my IVA proposal, I also have another joint account with my partner who has nothing to do with my IVA, what I am asking is can they take money from our joint account to pay my single account even though my partner has nothing to do with my IVA. Hope this makes sense! Thanks
It does make sense, but I'm afraid I don't know the answer! Hubby and I had a joint account with Barclays (still open) and they were one of my creditors (not his) and they didn't take any money out of ours.
Hopefully you will be ok with this.
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
Banks will usually exercise an automatic right of set-off from one account to another, so you are right to be concerned. I would get two new accounts opened with non-creditor banks.
Hi
Move any funds to a new, non creditor account asap otherwise you are in danger of Lloyds taking funds to cover any missed payments or overdrafts
Regards
Hi guys, we are in similar position we have opened a lloyds tsb account as payplan advised to open account, then this week noticed they hae bought HBOS we owe money to halifax £5300 husband credit card n £300 my overdraft. Do you think they may offset our money to pay our halifax accounts?? Please help as i am getting concerned.M any thanks!!
You should be ok mitchymoo, I'm sure they are still operating as seperate entities.
Mel or Andy will probably be on later to advise.
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
Hi mitchymoo, I'm sure one of our posters mentioned Lloyds and HBOS are merging their operations. In which case you do need to get accounts with a non creditor. They can't set-off your accounts once the iva is accepted but they can close it. This may not be Lloyds policy but I would personally want a plan b in case anything did happen. If you let us know who your creditors are we can help you find a bank which isn't linked.
Co-op and Yorkshire bank come highly recommended. Nationwide are no longer IVA friendly.
If push comes to shove, there is always a managed account but this does incur a monthly fee.
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
Thanks guys, Creditiors are natwest,rbs,barclays and halifax so i thought we were safe with lloyds....silly me!! Will try yorkshire!! Many thanks gut appreciate your help!!
I found opening Readycash account with Yorkshire Bank no problem. Had to go into bank with ID and account set up same day. Took another week to get online banking and have since opened a savings account. With Readycash no cheque book but these days rarely use one, so perfect for me
Mitchymoo,
I went into a Yorkshire branch during my proposal stage and when asked the reason for moving from my current bank, I honestly answered the girl.
The interview took on a different, less welcoming tone and the result was refusal without explanation.
I turned to the Co-Op over the phone, was equally as honest and within 10 mins I had 2 Cashminder accounts open. They were extremely helpful and understanding. I found the Yorkshire were judgemental. This is only my personal experience.
Good luck with whichever bank you decide to go for.
First I've heard about Yorkshire being judgemental, they have always been very pro IVA. I hope they still are as the accounts we can get seem to be getting fewer and fewer!
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
