www.iva.co.uk

Hello,

I wonder if someone could give me some advice please?

I am looking into entering an IVA or possibly bankruptcy in the new year and I just went to Nationwide to see about opening a new account and asked them about the basic current account. However, on reading the criteria, it appears you cannot have this account if you are bankrupt or in an IVA. Can anyone recommend any banks which do provide a basic current account, apart from Co-op Cashminder account? Trying to sort this out is a nightmare in itself and I haven't even started going down the IVA/BK route yet. I just don't want any new accounts being 'frozen' as soon as I enter into insolvency.

Sorry, I have another question too. My empoyers currently offer an interest free season ticket for travel to and from work and I wondered if this would be classified as 'credit' if I entered an IVA or bankruptcy? The loan is deducted from my wages at source and if I was unable to have this facility, it would add another £50+ per month onto my travel costs, resulting in paying £380 per month rather than the current £325.

Not sure what to do on either of these issues. If anyone can help, I'd be really grateful.

Thanks

Keith

Hi, Yorkshire bank also do a very basic account as do natwest.

The travel ticket should not be a problem as long as you explain it to the person who will be acting on your behalf to set up the IVA

Hi and welcome.

The travel ticket should be ok, as you are allowed money for work expenses.

You could try Barclays, as long as they aren't one of your creditors.

The travel card is fine in an IVA but I am not sure how the Official Receiver would treat it in bankruptcy as it is technically a debt. Perhaps Melanie N could help as she spent some time in the ORs office.

Abbey National or Halifax offer basic accounts to those of us in an IVA - I have had both opened since IVA started !Both with Visa Electron card.

The travel card would be fine with the OR, as it is for a practical and work related matter.