www.iva.co.uk

This is just out of curiosity and I would rather ask here before asking the bank.

I have an Advantage Gold account with natwest. Now that I will be signing for an IVA, will my bank account be downgraded to a basic / step account?

I currently pay £12.95 p/m for this account (because of it's "perks"). I'm not too bothered if it does get downgraded providing I still get direct debit facilities and a debit card for telephone or online payments.

If anyone should know the answer to this that would be great

Thanks
Carl

Any debts with the bank at all??

No i'm in good standing with the bank. Although I don't have an overdraft i've never been overdrawn

You should fine, although the monthly cost may not be allowed in an IVA ... It might be worth stopping this payment now before Iva kicks in- that way you will have debit card etc in place.

You should be fine Carl, unless they check the Insolvency Register once you are in the IVA I reckon you should be able to keep that.

I still have my Barclays full account open even though Barclaycard were one of my creditors. There's not much in it though!!!

These fancy accounts sometimes have an overdraft limit built in. This could be considered a form of unauthorised borrowing and could be frowned upon IMO. Best get rid, especially if you don't use any of the perks.

i have a natwest account and there are branches of rbs and natwest literally 5 mins from my house - i like the fact you cant use just any cash point as it deters me from spending!! i can still use my debit card which comes out immediately which it didnt in my old overdraft acc - i like it