Please help! The IVA process is so stressful

[debby.c]

Please can you help....we have started the IVA process and our creditors meeting should be in 21 days although I have yet to receive a definite date. My IP practioner advised me at the beginning of the process to open a new bank account with a company who was not one of our creditors. This is a joint IVA with my husband and he needs a business account, it took a while but we both finally opened accounts with HSBC.
After reading through your forum since, several people have said that HSBC have a policy to close bank accounts of those people who are in IVAs. This would be disastrous for us and as previously mentioned, my husband has to have a business account to run his hairdressing business.
Do HSBC really have a policy that states they will close bank accounts of those people who have an IVA??? Even though our accounts are in order?? And please could you advise how would they find out in the first place that you had since entered into a IVA?? My IP said they wouldn't know?
If the above is correct, we would need to find alternative banking facilities ASAP but need debit card facilities and direct debit facilities.
Please help! The IVA process is so stressful any way and it has taken such a long time to organise new bank accounts and re-arrange direct debits etc....
Thank you so much.

[Hels]

Hi Debby.C,

Can't really answer the question on whether HSBC would close your account of not, but if you needed to change banks I would recommend The Co-operative. I was previously with HSBC but because they were one of my creditors I switched to the Co-operative. I have a visa debit card and all the standard stuff for direct debits and standing orders. The account didn't take long to set up and they switch all of your direct debits for you.

I'm sure someone else will be along soon to advise more on the HSBC situation.

Hels

[Lula]

Hi
I am not sure about HSBC! but I am with Nationwide,,, ok its a basic cash card account, but you have internet banking! Its working out ok for me at the moment!

I think it would be wise just to try and open another basic account elswhere

[Skippy]

A lot of people have had their HSBC and First Direct closed. As far as I know the only way they can find out is by trawling through the insolvency register - maybe they employ people to do this! You will probably be better off opening a basic bank account with another bank - I have just opened an account with Nationwide with no problems and I am bankrupt.

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/

[MelanieGiles]

Hi debby

Your IP ought to know that HSBC regularly trawl the credit agencies and insolvency register to see whether any of their customers is subject to IVA proceedings. They will then serve notice that your accounts are to be closed. Choose another bank who has a more positive outlook to IVAs.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[DebtDummy]

I had a current account with HSBC. Unfortunately, they do frown upon account holders who have an IVA. I found this out last year when I was trying to obtain an IVA. Hubby and I had to open another bank account elsewhere.

I do not know which banks offer good business accounts.
You can google. surf around and see who does. If I hear of a good business account being offered I'll post the link.

Take care

All I have left is my humour.

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.

[DebtDummy]

debby.c, I did find this. I hope it helps in some way.
http://myvesta.org.uk/media/video/iva/f ... count.html



Take care

All I have left is my humour.

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.

[DebtDummy]

Ok, debby.c this link will take you to a forum where business accounts are the main focus of discussion. Post there and see what the responses will be. It's worth a try as someone there may have been in the same situation as yours and offer you some guidance. You could even apply for a new business account online or contact the bank directly to enquire about being in an IVA and having a business account.

Good luck

http://www.reviewcentre.com/products294.html

All I have left is my humour.

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.

[debby.c]

Wanted to thank Lula, Hels, Skippy13 and particularly DebtDummy for your helpful responses to my question, and of course Melanie Giles. I am looking into the business account and will let you know if I find anything useful. I am looking at Nationwide firstly for my own personal bank account, has anyone here opened accounts once the IVA process had started or after it had been accepted? Are Nationwide sympathetic to an IVA situation?I'm not feeling confident of being accepted for a bank account now that our process has begun and just wish I had known about HSBC before as I would have obviously opened an account elsewhere instead of with them....very frustrating! But presumably there are banks that will let you open accounts even if they are aware that you are in an IVA? Thank you!

[d_b]

Debby,
My wife and I have just opened a Nationwide Flex Account. We had no problems at all.The online application is very straight forward and you get to know immediately what the answer is without feeling 2nd class if you know what I mean.I am a grown man who has cried an awful lot before deciding to take the IVA route a few weeks ago. I still have an odd lapse but there is some light at the end of the tunnel now. So stay strong & keep focussed.

[scaredkez]

good luck to you all, i know how hard it is in the beginning when you are looking for help, we all have been there too! and are here to lend a helping hand on that journey to the light at the end of that tunnel, it is very stressful, dark and lonely, but there are people who understand, commend yourselves for taking your head out of the sand, for trying to find help and admitting there is a problem, hope everything works out for you all.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Soulgrowth]

Hi Debby

I opened a Nationwide account recommended by my IP whilst my IVA was going through. I can thoroughly recommend Nationwide. I also use a cashplus card http://www.cashplus.co.uk/which is invaluable and will replace a debit card that you wont get with a basic Nationwide account. I have two, one for everday purchases, shopping, petrol etc. so that I don't have to carry cash around which always makes me feel a bit vulnerable, and one for 'extras' such as when I travel with my business and have to pay for hotels etc.

Good luck