Hi, newbie here! Intro and question about off-setting.
I'm new to the forum, although I have been trawling the website for several months (which is fantastic by the way) and im about to embark on my IVA journey (I hope).
I have been in touch with a couple of companies and have yet to make a choice of who to go with. I am in my late 20's and have been living at my parents for a while now and trying to pay off some of my debt as to be honest I had my head in the sand. This is still not helping much as the interest/monthly payments are creeping up and I have been taking from peter to pay paul......so not good! I have decided to do something about it, hence an IVA. I have opened a new bank account with the Co-op and they have let me have a new saver account also which is great (They come highly recommended on this forum i see).
My question is about off-seting. My old bank account was with Barclays which is not really an issue as I only had my overdraft debt with them (and have moved to new bank account that isn't linked to my creditors), however because I am now with my parents again, my mum has her bank account with Nationwide which are one of my biggest creditors (£15,000 unsecured personal loan), would there be any way they would be able to off-set my debts with her account? She has pretty much most of her savings with them. The account is NOT a joint account and her account only......just a little worried as living at same address with same surname etc!!
Hi and welcome to the forum. Seems like you're getting yourself sorted!
Your mums account will be fine - if there are no joint finances with her then they won't touch her 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
Am I right in thinking that they couldn't and wouldn't be allowed by law to do this as I am not linked to her bank account in any way, even if we live at the same address etc? I pay her rent pcm but am not linked to mortgage or anything. Also me being in an IVA, would my parents have problems getting credit in the future?
Just a bit paranoid about this as I dont want it to affect them!
Your Mum's bank accounts are completely ringfenced from your debts, so worry no more on that front - and best of luck with your IVA application - I am glad to see that you have been taking some time to consider this option before taking the plunge. Always better to be fully prepared and perhaps to have a little in savings behind you before the payments begin.
