www.iva.co.uk

Hi I am a newbie and was wondering if my current account is with HSBC and I apply for an IVA and put HSBC Loan and HSBC credit card on it will I lose my bank account?

If you go for an IVA, then you need to change your bank account and get a new one with a bank that is not one of your creditors.

HSBC will close your account anyway when you get an IVA - they did with me. If you leave it open whilst applying, they may very well take out any money left in to offset their loan. They will certainly keep on taking out loan payments, regardless of whether or not the money is there to pay them.

Hi trish and welcome to the forum.

You will need to open a new bank account if you are thinking of an IVA as HSBC will close your existing account.

Hi Jan,

Thanks for such a quick reply

Trish
x

Many thanks Melanie I hope to talk tomorrow but I have an overdraft, would I add that to my IVA Debt?

Hiya and welcome

I was with HSBC had a couple of overdrafts with them, loan credit card and I had to go and get another account. As Kallis says they will nab any money you have in there to offset the debts once they get wind of the situation. It will be easier to open an account now at the beggining. I found this quite easy although daunting, just make sure that you open an account with someone not associated with any of your other creditors.

Just to add, make sure that youre one hundred per cent informed of the IVA proceedure at each stage and most importantly that youre happy with the provider.

Good luck, I know that this is a tough time right now, but everyone here is very friendly and will help every step of the way.

Many thanks I better start that now...

Yes - your overdraft will also need to be included as a debt.

Hi Lily,

What bank did you apply to after HSBC? I have just been on Abbey and all the questions they are asking I am scared I will be rejected. Does anyone reccommend a bank to transfer to?

Try the Co-op Cashminder account - a lot of my clients are using this and they seem to get a great service.

Thanks so much

Also thanks to Lily for the kind words
Trish x

HIYA TRISH

Hiya Trish

I went to LLoyds first and they gave me a cash card account, later on I went to Cooperative. I went in person, told them of my problems with debt and they were lovely. You need a cashminder account, comes with a visa electron, internet banking, you can deposit into post office and withdraw from most machines. Its an account for people with debt problems, you will be fine but do go to the branch if you have one near to you. Oh and if you havent yet defaulted on your loans etc, they do try for the higher account first, they did this with me but it was declined. You really need the basic account to start with.

Good luck, you will feel better when all that is done.

Welcome - I believe any unsecured debt has to be included in an IVA.
My bank account is now with Halifax..EasyCash I think!