Are bank cards blocked in IVA ?

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Carol.c

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Post by Carol.c » Sat Sep 19, 2015 7:43 pm
Are bank cards blocked in IVA ?
 
 

Foggy

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Post by Foggy » Sat Sep 19, 2015 8:04 pm
Debit cards shouldn't be as long as your particular bank is happy for you to have them. All credit cards should be surrendered.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Sat Sep 19, 2015 8:18 pm
Hi and welcome

I never had a problem with a debit card at all. As Foggy says, you should not have a credit card.
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
 
 

lifenoteasy

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Post by lifenoteasy » Sat Sep 19, 2015 8:41 pm
It's as foggy says.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

longslog101

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Post by longslog101 » Sun Sep 20, 2015 7:22 pm
Slightly different to what you asked but worth being aware of re debit cards.

From what I have read some banks will stop anything in your name, even debit cards if you are listing them as a creditor, this is for example if you have e.g. £150 in your current account with debit card, and you had e.g. £5k of debt on a credit card with the same bank, as soon as you start getting into hot water with the credit card the bank can in certain circumstances grab to money in your current account and freeze everything.

When I did my IVA with McCambridge Duffy they check who you bank with to make sure there is no chance of this happening with any associated creditors who may belong to the same group before they submit the IVA paperwork .

The safest course of action is to bank with a completely separate entity to any of your creditors (and check who belong to the same group, you'd be surprised which companies are all interlinked !! I setup a coop cashminder account and a cashplus MasterCard, pre-load account and left the others I used to have as dormant with a £1 in them, just to see what happens to them.
Last edited by longslog101 on Sun Sep 20, 2015 7:27 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register

IVA ended August 2015. Would recommend McCambridge Duffy
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