i am into my third year iva and openened a new bank account prior to iva with halifax
one of my main creditors is lloyds tsb
I am worried now that they propose to merge that they may raid my halifax account or close it . My iva company advise that they could freeze funds from the halifax account but i am confused as since the iva is now into its third year i presume they cannot do this
Can anyone advise please as I am now losing sleep
Hey pharmacist, welcome to the forum. As you are in an IVA, they cannot raid your account and offset funds. They can, at any time, close your account though but I doubt they will. X
Viki.W wrote:
Hey pharmacist, welcome to the forum. As you are in an IVA, they cannot raid your account and offset funds. They can, at any time, close your account though but I doubt they will. X
Hi Viki
thanks for reply, its quite worrying when your iva supervisor says they can raid your account and that you need to change bank accounts again.Easier said than done nowadays when all the financial institutions seem to be linked. they suggested we open a nationwide account as they were helpful, not in our case as soon as they saw we were in iva it was goodbye
thanks Clive
Clive, if Co-op aren't one of your creditors then it wouldn't hurt to open a cashminder account just in case. You should get one, no problem. You are protected in your IVA, they can't take your money. X
That is not great advice, as your IP must be aware that banks cannot set-off debts once an IVA has been put into place. Are you sure it was the IP who told you this, or just a member of their staff?
MelanieGiles wrote:
That is not great advice, as your IP must be aware that banks cannot set-off debts once an IVA has been put into place. Are you sure it was the IP who told you this, or just a member of their staff?
Hi Melanie
The person i spoke to is supposed to be our advisor at the iva company,she said that lloyds tsb could close the account with halifax when they merge and could possibly freeze account.I thought this would be against the rules of the iva , what do you think is the chance if a merger takes place that lloyds would do a search and close the accounts of people like myself with the Halifax.It would be a same to have to go through the hassle of changing banks yet again.
Thanks
Clive
