www.iva.co.uk

once an IVA is approved do the bank freeze your account. The reason I ask is that my boss has accidently paid my wages into my old account. Will the transfer bounce and back to her or will the bank take the money and say thank you very much. My boss is going to do another transfer today into the right account but i would hate for herto be out of pocket...

Hi Loopy,

The bank can't take your money to offset once you are in an IVA. I would see if you can go along to the bank and explain what has happened and ask them to refund the money.

Thanks, my boss isn't going to pay it into my new account now (even though the error is hers) so i have phoned my IP and they are going to call Natwest for me and get them to release the money. Gggrr 8 days in and already problems.

Hopefully this is just a little early day teething problem that once resolved will be the last of them! Let us know how you get on as I am sure this will happen to others over time.

regards,

Do you (still) have Internet Banking on your old bank account? If so, could you simply transfer the amount using that (obviously leaving the IVA balance intact)? I don't know if this is recommended practice but it might get you out of a hole...you're not doing anything dishonest just correcting someone else's mistake.