www.iva.co.uk

Hi all,

Help me in this moment of doubt!

I have a co-op account, who are not one of my creditors. Are they likely to close the account if / when I enter the IVA.....

I think I know the answer, but there is always an exception....!!

Cheers!!

DK

I don't have enough experience yet but I don't think so, hopefully one of the experienced people will pop up in a mo!

The Co-op are absolutely fine and very IVA friendly. HSBC and First Direct are the only ones known to close accounts.

Cheers Jan - I know first hand about HSBC - they only got the paperwork and closed it!

A lot of us recommend the co-op to posters who want an IVA friendly account. The only thing with them appears to be their stance on savings accounts when in an IVA which I personally find strange. x

Co-op won't give you a savings account and the only thing you have to worry about is going overdrawn. If you do it three times then they will close the account.

Hopefully that won't happen.

The Natwest are good also - I have a Step account with them and they do allow you to open an online saver account too

Didn't realise about the overdrawn ruling there Jan?

I recommend the Natwest I have the step account and am more than happy with them. x

The Co-op let me have a savings account when I was a few months into my iva.

Bit concerned though as I think I've been overdrawn twice!

Thanks all - I already have a savings account with them - would they be likely to close it?

If you have one then I think you will be ok. It's only if you want to open one in an IVA that it causes problems.

Oh good! And I must remember to close the overdraft on the account. Not that I've used it!

you can only get a cashminder account. it is better now it has a visa card instead of a maestro card. there is no overdraft facility and you do get a warning if you become overdrawn. They dont allow savings accounts but i went into the branch and they opened me an isa, only for people with ivas, not bankruptcy. hope this helps.

If Dodgy Keeper already has a savings account with the Co-op prior to IVA then he should be ok to keep it. If it's not the main account then I recommend opening a cashminder as well.

As to the overdrawn rule, it's three strikes and you're out I think.

Hi c.j

I've got a standard current account with them. Maybe I've got this as I applied before all the IVA stuff happened. I think if you apply whilst you're in the IVA, you'll only get the cashminder!