Update on HSBC

[rattbags]

Yet more questions I'm afraid... before my IVA was agreed I set up new bank accounts with Barclays and Natwest, who I had no debt with - no overdrafts or anything, just basic accounts with cash cards, and one with a debit card. I want to use 3 accounts to organise my money - one with a debit card for shopping/petrol money, one for all my direct debits, and one (an ISA) to put a monthly amount in for annual costs such as car tax etc. I feel this will help me organise my budget and prevent me getting in a mess again! Do I have to tell these banks that I am now in an IVA? I'd really rather not have these accounts closed.

Also, when it comes to my review, I presume the IP will need to see statements for all these accounts? I will have monthly transfers from my main wages account to the other two, so obviously these will show up on my statements so I'll need to be able to explain what the transfers are for. I had opted for online statements, but if I am going to need to produce statements for all accounts I will ask for paper statements so that I can keep them throughout the year.

It feels really good to be back in control again for the first time in over a decade - I'm not too worried about being skint as long as I'm in control! I'm hoping this might even be the beginning of recovery from my depression. Thanks so much to everyone for their support x

[MelanieGiles]

You do not need to tell your banks that you are in an IVA, and your idea to have separate accounts appears to be a good one.

Some IPs do not ask for bank statements - others do. I personally do not, but check with your own IP as to their internal policy.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[emma_t]

Hi rattbags

Just wanted to say how glad i am that things worked out well for you in the end [:)]
You had a stressful wait, but pleased it was approved at a rate you feel is affordable to you.
Emma x

[rattbags]

Thanks Emma, it's certainly a relief after all these years of trying (and failing!) to get my head above water!