www.iva.co.uk

Hi All

My partner and I applied for an IVA back in Feb it has just been refused on Tuesday this week and so I think we are now looking at DMP for a few months and then re applying for IVA.

But when all this started we banked with TSB with whom some of our debt was based.

We were advised by Accuma to change accounts due to TSB being a creditor and either taking money from us as it goes in leaving us unable to pay other things or freezing our accounts and leaving us high and dry (more so)

We both applied for seperate basic no frills accounts at First Direct and were given these, we then got a joint account to set up all our direct debits from. We informed First Direct that we were looking to IVA and they said that once the IVA was agreed we would have 30 days till they closed our account. We contacted our IP for advice and were told that we should change bank accounts we asked where and were told Natwest, HSBC, ETC ETC so long as not a creditor of ours.

We have just successfully opened HSBC accounts yet again and we are just about to change all our things overt but we are reading on here that HSBC will also maybe close our accounts, is this definate. Our IVA was refused but we are going to try for a DMP will they still want to close our account.

Julie

HSBC will more than likely close your account as they are linked to first direct and this seems to be there policy at the moment. For basic bank accounts you can try Nationwide ( make sure you make it clear that you want a basic account, their flex account can be both a basic or current account, basic account has no debit card. The Halifax do an easycard account that is basic but comes with a Visa electron card and I think the CO-OP cashminder account is also basic but comes with a debit card.

I've been with HSBC since just before I started my IVA in Jan 04 and they haven't closed my account as yet but I have opened an Alliance & Leicester account just in case it happens as I have also read about them closing accounts but it does seem to be the First Direct element of HSBC rather than the normal HSBC current accounts.

It's all abit of a lottery seemingly with HSBC with some people having their accounts closed and others not. First Direct do seem to be actively searching the Insolvency Register in order to close accounts of those in IVAs.

If you are now not proceeding with an IVA I think it will be likely that you will remain under HSBCs radar for the time being. However, this could come back to haunt you when you re apply for an IVA as you have stated is your intention.

I have founf that the best basic account providers are the Nationwide with their Flex account which has already been mentioned above.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I hvae opened an account with A&L

once my IVA is aproved, if it gets approved, do i have to then tell them about my IVA?

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Rich.

Hi Rich
No you don,t.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

oh good

as ive opened a savings account with them aswell - to try and get a little bit saved up for christmas - so the young un dont have to go without.

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Rich.

Rich
Just a point about saving before your IVA goes through,technically your IP could ask for that money to be included within your IVA.Theres no problem saving once your IVAs up and running by cutting back where you can.
You could keep it under your bed until the IVAs approved,but it would be wrong to tell you that.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

TBH - ive set it up for after my IVA has gone through.

basically i was going to keep it under £500.00 and use it for presents and stuff.

i wasnt going to put anything in it untill my iva has gone through.

i tend to do stuff ASAP rather then waiting,. got me into crap a few times..

The account i set up only took me a few clicks on the ol tinternet.

should i close it untill after my IVA has gone through? alltho theres not a penny in it?



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Rich.

Hi j_d,

Other basic accounts you can try are as follows:

- Abbey, Card Cash
- Natwest, Step Account
- Barclays, Card Cash
- Lloyds, Classic Account

Obviously if anyone of the above are your creditors its best not to open any account.

Best Regards. IVA Experts

Rich
You can keep them open.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

When we were in a DMP HSBC had no problem with us at all. I changed prior to going into the IVA to Yorkshire bank because I had read bad things about HSBC but to be fair to them they were always ok with me.