www.iva.co.uk

My IVA has been accepted. I was in arrears to banks & credit companies. I have no bank account at the moment. Can I open a bank acount? and If so what type, as without an account I can't start a business again. Thank you.

Hi Zoh and welcome to the forum

Did your IP not suggest that you ought to do this prior to entering into the IVA? There is no reason why you can't open an account now, but this is likely to be a basic account with few facilities. It will be more difficult for you to open a business account - are you self-employed?

Zoh wrote:

My IVA has been accepted. I was in arrears to banks & credit companies. I have no bank account at the moment. Can I open a bank acount? and If so what type, as without an account I can't start a business again. Thank you.

You shouldn't have any problem going with a non-linked bank such as Nationwide. There's a number of others such as the co-operative and so on.

They will offer a basic money in/out service, with a VISA Debit account card. Perfect for your salery and direct debits. As long as your on the electrol role and you can provide some billing to your home address you should be fine. Don't expect extras such as an overdraught though.

I must say though your IP should have made all this clear.

Zoh
If you 'need' a busines account I think that you will find it near impossible to open one
Regards