www.iva.co.uk

I have been advised to change my current account ahead of an IVA or DMP and am in the process of doing so as I have unsecured debt with my current bank.

Once I have changed will I be forced to give up this account and move to a basic account elsewhere if I start the IVA/DMP?

No - you should be able to retain that account, with the bank's permission of course!

Dougie, your new bank account should be fine.


I banked with HSBC for years but as they were a creditor I needed to open another bank account. I went to the co op pre iva and got a full current account with chequebook and visa debit.
It depends on your credit rating what type of account you will be able to open but a basic will be fine if you get one of those as you will get a debit card and online facilities.

Good luck

I have been offered a full current account with the Abbey, nearly ready to transfer from HSBC (they are a creditor) just didn't want the hassle again if I had to give up full current account status.

No you will be absolutely fine as long as Abbey are not a creditor.

I did not tell the co op when I changed that I was going to enter an iva, I cancelled the overdraft facility the offered me and the account has been running fine for the last year.

Don't worry
x

i have a barclaycard which may become a creditor. does this mean i could not open a bank account with barclays

Dougie, I would go to another bank to be on the safe side as they are conected.

Also remember to stay away from hsbc/first direct as they will close your account if they find you are in an iva.

The co op is very highly regarded on the forum and they do have amazing customer service.

Good luck

Hi, Alliance & Leicester have a good account and you can apply online.

I would definitely recommend the Co-op.

i changed to alliance and leicester prior to iva

I have also got the basic coop cashminder account - it really is a godsend [:D]

Robin1 - if Barclaycard will become a creditor, then you should not open an account with Barclays.