Signatory on Bank Account

[Michael Peoples]

We try and provide as much up to date information as we can and I will be advising the rest of the staff about NatWest's position in case future clients have a similar problem. However as Foggy says we cannot know every bizarre policy of each bank and I genuinely do not remember this happening before nor do I remember every post.

I still think this is appalling especially if the bank advised your employer. To say that someone in an IVA is a 'risk' to the bank is very insulting to the tens of thousands of people who try to return money to creditors each year.

[lscott1009]

Update. I have now found out that no major banks will allow someone to be a signatory on a business account if they are in an IVA as they say it would have a negative impact on the company. My IP has rung me and offered to annul my IVA and put me back to the position I was in, and remove it from the public register, including from my credit reports where possible. At least doing this will enable me to be employed in my chosen field. I really hope all this has helped others to be more informed. An IVA was never a suitable course of action for me and only went ahead because of poor advice from a member of staff at my IVA company. My family have now offered to loan me the money on a long term basis to pay my creditors in full as long as this annulment happens. The IVA ended up causing me more worry than my original situation did.

[kallis3]

Glad you're sorted - hope it all works out for you.

[lscott1009]

Thanks kallis3. I hope it will get sorted however I have just read a very old post from 2010 that says IVA cannot be annulled. I don't know what to believe anymore!

[kallis3]

They can fail it and once a letter of termination is done then you will be back to square one although it will drop off the Insolvency Register.

[welshwiz]

Good luck hope this gets sorted for you soon. I agree the iva process is supposed to be stress free unfortunately ours is causing more problems than before we had one again not sure we were given best advice about entering the iva

[zee]

lscott1009, I hope your situation gets resolved and you are able to continue with your life in a near normal way.
I was with McCambridge and l have to say that they handled everything extremely well from start to finish including a prompt closure.