Hi,This is my first posting and I have just started the process in applying for an IVA. So far have only gone as far and being asked by my IP to supply supporting documents which I will send to them tomorrow. Just for info total 47K and looking hopefully of payments around £420 a month. no morgage.
Now the question..My wages go intot Barclays (majot creditor)on 24th with DD and Standing orders due to start going out within a day or so. I have opened a new account with HSBC so should I cancel DD and Standing orders now and stop paying creditors and have wages paid to new account this month? also I have read a couple of comments that HSBC, although have no bills with them, may close my account due to me applying for IVA, is that correct?
I would not open an account with HSBC as they are well known for closing accounts for people in an IVA whether they are creditors or not.
Try the Co-op as they are IVA friendly
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
The other one to avoid is First Direct as they are affiliated with HSBC and also close down accounts.
As Paul says - Co-op are pretty good.
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
thank you for your comments, i have applied online now for a Coop account as a back up. As this may take a week or so to complete, if accepted, I may continue with HSBC for next month or so. Should I transfer my wages this month and stop paying creditors
Thought may be worth mentioning too that until now I have not missed or been late with any payments on loans or credit cards and all payments are up to date. Just thinking that if I have passed my debt figures on to my IP for the application process, will I be messing things up if I continue paying or to be totally selfish, could I have a couple of months payment free although I would expect hassle from the creditors?
I would arrange to have your wages paid into the Co-op rather than HSBC in case they do close your account as they don't tend to give any notice.
A lot of us stopped paying creditors when we started the process in order to build up a small contingency fund but the choice is totally up to you. The creditors will hassle you though if you stop paying.
If you have online accounts with them it might be worth going in and removing any telephone numbers in there.
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
Like you I had never missed a payment when I entered my IVA. I stopped paying creditors to accrue a contingency fund prior to the start of the IVA.
Co-op are always recommended on the forum. I applied and was given a full Smile account as my although I was technically insolvent I think my credit rating must have been ok 'ish'.
Anyway good luck and you know where we are if you've any other questions.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thank you all for your guidance. it does seem strange talking of my personal finances in a public domain but think I am at last doing the right thing although embarrassing. I will cancel the outgoing payments and have my wages to the new account. As this month wages will be paid early due weekend is 24th I think I will have to use hsbc and change again next month if coop account is approved. I am assuming that as my IP will only have contact with my debtors that HSBC won't know about it until finalised
HSBC do trawl the Insolvency Register and are well known for closing accounts even if you have no debt with them.
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
You could always get paid in there and withdraw it straightaway.
I know it does seem odd discussing your finances but we've all been there at some point and all at varying stages of the IVA journey, you're certainly not alone.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
We opened a basic account with natwest and have had no issues in 3 years. It does everything we want. Worth a look as well if they arent a creditor. Stop paying creditors and allow the money to help build a contingency fund. Switch wages asap into new safe account and switch all essential DD which will be continuing. Good luck! It is weird discussing finances but theres so much knowledge, advice and people in same boat on here its very comforting. We arent good about talking about money with our friends/family are we but maybe if we did there would be less worry when things go wrong....iykwim!!!! Welcome to the group!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sortitout
Thank you all for your guidance. it does seem strange talking of my personal finances in a public domain but think I am at last doing the right thing although embarrassing. I will cancel the outgoing payments and have my wages to the new account. As this month wages will be paid early due weekend is 24th I think I will have to use hsbc and change again next month if coop account is approved. I am assuming that as my IP will only have contact with my debtors that HSBC won't know about it until finalised
Hi HSBC will be notified of the proposals and creditors meetings once you have approved your proposals with your Nominee. After the meeting the IP will write to creditors again confirming the outcome (hopefully that your IVA was approved) so make sure you have sorted your new banking arrangements before the proposals are sent out.
Last edited by Lisa Thomas on Mon Oct 19, 2015 10:36 am, edited 1 time in total.
I don't think HSBC are a creditor so they wouldn't be informed would they?
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
