Can someone confirm the position with regards to banking once you are in an IVA? My wife and I have a joint account with VISA Debit cards. Can we keep these (as they are not credit cards)? Thanks
Hi Mike. Is your current account with anybody you owe money to ( or part of the group of companies). If not, all should be OK. The other potential fly in the ointment is if you are with HSBC or First Direct, if so, they will most likely close the account in any case, being very IVA intolerant.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have two bank accounts (kept my Barclays one open even though Barclaycard were a creditor) and I have a debit card for both. You are fine to have them.
If your current bank are a creditor then you need to open another one now, Co-op come highly recommended. If you apply before an IVA then you might be able to get a normal current account rather than a basic one.
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
just received my call from first direct,telling me i have 60 days till closure.took them 3 mths after appearing on insolvency register..luckily i d set up another account at the same time as my first direct with the co op for this eventuality.(first direct or hsbc were not my original creditors).i ve been dutifully switching my direct debits to my new account....co op seem to be just as good,ie good online facilities and debit card so no real drama.when setting up new d.debit for my mortgage managed to pay them twice (not good) got it refunded straight away under d.debit guarantee...funny thing was when i was sorting out the d.d guarantee they asked me why i didn t have a credit card with them and if i wanted to swap my mortgage with them....i told them i was leaving them because of their policy of discrimination and would never bank with them again.do these organisations communicate?
Unfortunately both HSBC and First Direct are well known for shutting accounts, even if you don't owe them anything. They regularly trawl the insolvency register.
Glad you got a new account sorted though.
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
Hi mortified. No, I don't think these organisations communicate within their own companies, so communicating with each other is doubtful!
I find the Co-Op meets all my needs, good online service and, as I have two cashminders with them (use 1 for day to day stuff and the other for savings and things like car tax and repairs), transferring money around is easy and fast.
It's funny to think .. when I was "solvent" I didn't have two pennies to rub together. Now I am insolvent I have savings !!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My main account is with Nationwide and I do like them. If you can get a full account then even better!
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
