told you have to use someone elsees bank account

[steven.l]

hi i owe my bank money, which iam struggling to pay back,if i was to set up an iva could i still use my bank account with them,or open another account with other bank,ive also been told no other bank will let you open one with them,and that you have to use someone elsees bank account that you can trust,friend or relation.for the next 5years till your clear.

i thought that was just for bankrucpt,i have 2 accounts 1 with hsbc which is the one i owe the money to and the other with halifax bank,would i be able to use an iva with hsbc and still use my halifax account

[may07]

The advice I received when exploring entering an IVA was that I would have to close my bank account with Halifax because they were one of my main creditors. This involved opening a new basic account with Natwest ( who I didnt owe any money to) and switching all my incoming money ( salary) and outgoing payments payments IVA etc to the new account. I dont think its possible to enter into an IVA using the bank account you have with one of your creditors. Having said all that Im NO expert and you will get expert advice on here shortly!
Best of Luck!
May

[may07]

Im almost certain it would not be correct to say you should use someone else's account. The whole idea is to give you a fresh start with a new account that you can manage your outgoings and income with and pay off your debts without them spiralling any further.
May

[animaleyes76]

Hi,

May is right. You need to ensure that you have a bank account that is not one of the creditors in your IVA.

Assuming you don't owe any money to Halifax and aren't going to include them in your IVA you should be fine with that account.

If not the Co-op do a great cashminder account with a visa electron card

)

[MelanieGiles]

You have been badly advised. Your bank account needs to be your own and there are several banks who will allow you to have an account with them during an IVA - just be sure to choose one to whom you do not owe any money.

[Skippy]

You can definitely have a bank account while in an IVA (and also in BR, although there is less choice) and if you don't owe Halifax any money you should be ok to keep the account. If you have an overdraft facility I would recommend you get that removed, but other than that you should be ok.