www.iva.co.uk

I don't have a basic account with Lloyds as I'd opened the account long before I entered my IVA. Lloyds weren't one of my creditors, so all I had to do was get the overdraft taken off.

Lloyds have asked if I want to upgrade my account to a Select account. This would mean for £7 a month I would get the following:

6.5% discount on holidays, charter flights and car hire
AA Breakdown Cover worth up to £68 per year - I pay for the RAC anyway
Mobile phone insurance worth up to £95 per year
Sentinel Card Protection worth £20 per year - I also pay for this for my keys and passport
£50 interest free overdraft (Subject to status) worth up to £9 per year - obviously I would have this taken off.

Would there be a problem with me upgrading my account - it would save me money in the long run as I wouldn't have to pay out for breakdown cover etc.

Thanks in advance!

Three down, fifty seven to go until freedom!

Hello Skippy

I see no problem with you upgrading your account as long as you do not have the Overdraft facility on the account. However, I would reccomend that you discuss this with your personal IP before you agree to anything.

Also remember that if you are canceling things like break down cover and phone insurance and replacing them with a cheaper policy strictly this should be declared to your IP and you may have to pay this saved money to your creditors.



Best Regards
Oliver

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

Skippy

I'ts your bank account so do what you like with it - but as Ollie says don't go overdrawn!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk