I am currently 10 months into my (Joint with wife) IVA but am finding it tricky running thing with only one bank account. Before the IVA we had 2 accounts. One for bills and a second for our spending money (food and non DD bills etc)
My question - Can I open a second basic bank account for this reason while in an IVA? If so which bank can I do this with (with Natwest now)? Do I inform my IP if I do open a second account?
Thanks for the help.
I have more than one account and find it helps me manage money. My accounts are with the same bank and I haven't had to provide details to IP.
You can open a bank account with anyone you like and as far as I know banks do not reject you for having an IVA. So long as you only apply for a basic account - no overdraft etc. I also personally wouldn't apply to a bank if they were one of your creditors.
There is nothing wrong with you having more than one account.
Amanda - some banks will reject you for being in an IVA, HSBC and First Direct are two who will actively close accounts as well, even if you have no debt with them.
Co-op are one of the best.
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 have 2 accounts with Santander... 1 x basic and 1 x current. Basic for the wages to be paid into and the direct debits taken from, the current is for everyday living. I find it very east to transfer money from one to the other online. You are not allowed to have an overdraft facility though.
We have 2 accounts with Co-op a cashminder and an ISA to save the contingency/ insurance monies etc for the following year. Find it easier then as it's out the way!
- no need to let your IP know.
