Another question!!
I am going to have to change bank accounts and was wondering if I did this sooner rather than later is it possible to open a basic account (with no overdraft facility)without letting the new bank know I am hoping to enter into an IVA?
You don't have to tell your new bank about your prospective Iva.
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 changed from HSBC to the Co-Op whilst my IVA was being proposed. They didn't ask and I didn't tell them about the Iva but I think the Co-Op bank are quite understanding about people with IVA's. I don't have an overdraft but I do have a Visa Delta debit card. I applied online and it was sorted in less than a week including transferring direct debits etc.
You'll probably have to transfer the direct debits etc (that you want to keep) yourself, rather than getting your new bank to do it for you (especially if your bank is one of your creditors). The only problem I had was changing the mortgage direct debit - they were the only people who would not change it over the phone!
The only banks that seem to have a real problem with IVA'S are HSBC and First Direct.
Even if you open one before an IVA, they check your credit file regularly and as soon as they see those initials, they close your account.
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
