Well I thought things werre going too smoothly. I have change accounts to the NatWest and moved all my essential direct debits, went through the lengthy process of changing my account though the wages department and all seemed to be good.
Today I spoke to Bridgestones who have said that Natwest is connected with RBS, who in turn own Mint, who I have a debt with. They say that there is a possibility that RBS could seize my account. Does anyone know if this is a high possibility or unlikely, I really don't want go through all the problems again with the wages department. I know that the company I work for will have a problem with me being in an IVA so I don't really want them asking questions.
Has anyone been in this position? I am worried sick now.
I was advised today by my IP that banks dont take kindly to their clients being in an IVA. I am just in one now and i am now banking with Lloyds. Does anyone know if they have any right to close my account?
Some banks don't like them. HSBC and First Direct are two which have a habit of closing accounts of people in IVA's.
Unless Lloyds check the Insolvency Register you should be ok. I've not heard anyone on here say that they have had a Lloyds account closed. However, banks can close your account.
Mine is with Nationwide, they have no idea of my IVA as far as I know, and I've had no problems 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
I presume that if Mint vote "yes" at the creditors meeting then they would be bound by the terms of the IVA and therefore would be unable to freeze the account.
Does anyone know whether Mint tend to vote "yes" or "no" at the creditor meetings?
I would hate to end up losing my job over this, things are tight enough in the job market and our company has started to lay people off anyway. If no one at work finds out about my IVA my job will be secure (for now anyway!).
My other thought was, surely it would be unethical for an account from which you paid your rent and council tax to be frozen by a bank. As this action could make one homeless.
Last edited by george.c on Wed Mar 25, 2009 6:08 pm, edited 1 time in total.
NatWest and Mint are run completely separately, although they have the same holding company. There is little or no risk of your bank account funds being taken to clear the Mint debt.
Melanie, should i advise Lloyds i am in an IVA? My standing order has the details on anyway and i have to sign it and present it to the bank. I am concerned i would lose any money i have in therem or would it just be a case of presenting the certificate?
I have never told Nationwide and they see two standing orders going out each month for RBS. Whether they know what they are I have no idea and I'm not about to enlighten them!
As Melanie says - let sleeping dogs lie.
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
Our standing orders don't have IVA written on them, and I set them up myself online and it just says payments to RBS.
If you feel happier paying online then do that, but won't it still show up the same payee details on your bank statement?
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
we had a card with mint and tesco both run by rbs and set up our new account with natwest. i dont know whether it was coincidence bit a week after iva on insolvency register our natwest account was frozen and we had to fight to get it open again as they thought we were bankrupt. we were told that although they are not linked and they have the sa,me holding company it still should be ok as we had no debts with natwest. pease be carefull as this only happened 2 weeks ago, we were left with no money until all sorted.
That sounds more realistic, my IP was just giving advice as to the posibility and that they would recommend that I change banks again, just incase. I think I will take the chance, as I don't want to risk my job (all I want to do is find an end to debt once and for all).
Thank you all for your advice.
Stueyspur: I hope you get your account sorted out. I have recieved lots of good advice here, so listen to the experts like Melinie, she will keep you on the right road.
