www.iva.co.uk

We are in the process of setting up a new bank account with the co-op they have agreed in princple, but have sent a direct debit swithching form.the problem is If I send it back will our existing bank stop our account as we are living on overdraft till we change banks.we have included the overdraft in our list of debts.Has anyone else had this issue when setting up a new account? Any advice would be appreciated.

Just try to get your timing right that wages go into your new account,dont worry if getting your direct debits set up takes longer,just make sure you cancel them from old account,not sure I would bother letting co op do it.

Make sure you let people know in plenty time for money that gets paid in(child allowance,tax credits etc) as your old bank may well freeze your account(as lloydstsb have done to me today)

i arranged mine and hubbys wages to go in straight away to the new account. we didnt have a problem with our old account at all even though they were one of our creditors. when a benefit got paid in by mistake just before our creditors meeting icould still get the money from their cash machine.

forgot to say, cancel your own d/d with your old bank. the co-op said they would send me a form for them to do it with the welcome pack but didnt, i think it would have taken too long anyway and for my own piece of mind i did it myself.

Maybe I read their letter wrong,but it seemed to be a condition of acceptence, They have sent a new account number, but no sort code and without that we cannot transfer our wages into it.

Phone them up for a sort code. I cant see them having to set up your d/d's as being a condition of acceptance given that they accept bank robbers,arsonists and even PEOPLE IN BANKRUPTCY !!!(only joking to those in BR who may or may not be offended)

cheers guys, I think this forum is marvelous. dosent matter how down I get there is always someone on here to make you feel better.and make you smile.

Chezzy, I received the same letter from co-op and I thought I would have to transfer using their facility before the account was opened.....I didn't, it's just the wording of their letter. I did end up asking them to do it, It took two weeks for them to transfer them in this way. X

Hi

I wouldnt use the transfer facility as they may transfer the debt. I did this once pre-IVA when I moved from Lloyds to the Halifax and they moved the overdraft I owed them (only £270) too. So I would just inform your payroll, and then close the old account and then let your DDIs write to you with a new mandate.

I arranged the cancellations and amendments to our D/D's rather than run the risk - phone the individual companies up and they do the necessary over the phone - alsogives you the chance to change the payment dates etc if necessary.

I did the same ... cancelled the DDs fron one bank and physically set them up on the new account ... and at the same time whittled the amount of access by other parties to my bank account fron 12 to 4!! I pay bills at my convenience now!!

Debbie

I transferred all my DDs myself. I much prefer paying for things by DD as it means that I don't have to worry about it, and I refuse to pay extra for not paying by DD!