www.iva.co.uk

I have just started down the IVA road, but only the last few days.
My advisors say that I should not pay any creditors from this point on.

Not a problem.

But my current account is with a bank that I also have a large credit card debt with.

I just opened a Co-op Cashbuilder account today, but it will take a few more days to come through.

I get paid tomorrow, and the credit card side of the bank rang me this evening to say they had an urgent banking matter to discuss with me, and said i should go into the bank branch tomorrow to discuss.

I was hoping that the credit card company would not find out until i had sorted out my current account and removed excess funds.

Do you think that the credit card side of my bank can take the money out of my current account without my permission? or do you think they could kill our overdraft or even stop the whole account???

There is generally a right for banks to offset credit balances against debit ones, so I would say that if you have money sitting in your current account you ought to move it quickly to the new Co-op account.

There is no point in avoiding the bank, so I would honestly give them a ring tomorrow and explain what you are doing - but try and get your salary released first, as you will need to use that to cover your household costs over the next month.

If you have stopped paying the creditors, then yes, the credit card company can take money out of your account to offset against this debt.

If it's any consolation, Barclaycard never did that with me and our Barclays Account.

It might be as well to go in and discuss things with them. I doubt they will close the account this soon though.

You just beat me to it Melanie!