1) I have a current account with a Barclays, no overdraft but it is a current & not basic.
I have had a loan with them £10k which is in the IVA.
I have received a letter saying as the account is £0 they are happy for it to remain open & continue to use.
I thought you had to change bank accounts ? I have opened basic account at Santander & the card is so basic you can't use in shops!
2) I have a car on HP- in my name but hubby pays from business.
I asked my IP if this is effected & he said no as it wasn't part of the IVA ? Am I right in thinking that unless credit searched black horse will never know ?
3) the only thing I have joint with hubby is mortgage - will my IVA effect him ?
1) The reasons for changing accounts are that, if the bank, or a company group member, is a creditor they can try to offset the debt with any funds in the account before the IVA is agreed. After the IVA is in force they should not do this, but some have tried - resulting in funds being tied up, out of reach, while the matter is settled. Also, if you are with HSBC or First Direct, whether in debt to them or not, they are known for freezing and closing accounts for no reason other than the IVA.
2) The HP is secured on the car and so is not included in the IVA. I can see no reason why, other than a credit check, the HP company would discover the IVA. It might be an idea to check with your IP though.
3) As you have joint finances your name will appear as an associate on your husbands credit files -- some lenders will search associates and your IVA could be a small hurdle to his credit applications.
Also: Many of us use the Co-operative Bank Cashminder accounts --- the card I have is a full Visa Debit and has never been refused anywhere (they used to use Electron, as Santander presumably still do, but upgraded a few years ago).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi I have 6months ago completed my IVA. The Coop were very good offering a free basic account for IVA customers and this was acepted everywhere I Shopped. Don't pay for any account because there are plenty of free basic accounts around. It sounds though like Barclays are happy to keep your account running but maybe have another basic account just as a safeguard? Your partners name could show up on the CRA files as an associate connected to you so it could affect his score too.
We kept our Barclays account going throught even though Barclaycard was a creditor of mine.
Also had a Nationwide account - no cheque book or overdraft but a full debit card which we are still using.
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
