www.iva.co.uk

Hi everyone, It looks like one of my creditor has frozen my account (as they received my IVA proposal) and even stopped the transfer of funds from the account which I did on Monday. Is there anyway to get the amount... I desperately need the money for my expenses this month.

Oh dear

Who is the bank?

I am afraid that the Bank are able to do this unless it is a basic bank account. I suspect that your bank are one of those listed in your IVA.

When one is facing this situation you should have opened an account witha bank who is not one of your creditors.

The best one's to use are Co Op cashminder, Halifax Easy cash, Think Banking, and I believe Alliance & Leicester have basic bank accounts.

I don't think you can do much but it might be worth talking to your IP to see if they can unfreeze the funds! Mind you I am surprised you were not advised about this possibility arising.

Do keep us posted.

Not a nice time of the year for this to happen for which I am sympathetic!

Hi Ray_a, as you have correctly guessed its Natwest - one of my creditors. I have opened a cashminder account with Co-op, I did two transfers as soon as I got my salary. The first one has come through to co-op account and the second one has not My IP did mention that the account might be frozen. But I did not know it would happen this soon... I would have withdrawn the money. Expecting a baby in January ! I do not know how I am going to cope !!

Hi Tobreakfree, Try to speak with your IP ASAP, they maybe able to speak with Nat West and try and resolve the situation in your favour. You can only try! I opened a new basic account as soon as i made the decision to get a possible IVA.

yes natwest is one of my creditors and i was told to open a basic bank account because of this

S WARD

Have you been in to your local branch and had a chat with the manager ? Natwest were one of my creditors. When I started the IVA I went in to my local branch told them what I was doing and asked them to close the overdraft so that I could not run up any more debt. They then gave me about 6 weeks before they closed my account.

I just spoke to my IP who asked me to call the bank. I called the bank and it seems that the transfer infact has happened (but I am still not able to see the amount credited in my cashminder account). The guy who spoke to me said that they have blocked the account because they are not able to get the loan payment for this month.

Why were you not advised to set up a new bank account before these letters were sent out? This is usual procedure in most IP firms.

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

Hi ToBreakFree, glad the transfers going through, that must be a great relief, especially at this time of year and with a baby on the way. IP's are all highly experienced professionals, but communication seems easier with some than others. Keep in touch with this forum, you'll find a great deal of support here as well as excellent advice from experts and IP's who are better communicators that the average....and it's free, which is in part at least why I spend so much time here!!!

Martin

Pleased to hear that it went through and good luck with your baby!

Thanks everyone for valuable suggestions. I have received the money into my new account this morning which is a good news. Replies to my message were very comforting. I am sure I will stay around.

Glad you got your money in the end, and I'm glad you will be sticking around x