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Posted: Sat May 21, 2011 8:38 pm
by Rod Newman
If I can clear my overdraft, thus ensuring the bank is not one of my creditors, can I keep my existing bank account if I get an IVA?
Posted: Sat May 21, 2011 8:43 pm
by kallis3
If they're not one of your creditors then yes, you can keep the account. Make sure you have the overdraft facility removed though!
If it should be either HSBC or First Direct though, be aware that they are well known for closing down accounts of those in an IVA.
Posted: Sat May 21, 2011 8:46 pm
by Rod Newman
Hmmm that has given me food for thought. I am currently being advised by two of the IVA companies to close account and switch to RBS, something I do not want to do unless I have no choice
Posted: Sat May 21, 2011 8:51 pm
by Foggy
Make sure they are not linked to any of your creditors though (many credit cards, for instance, are from companies within a group).
Posted: Sat May 21, 2011 8:55 pm
by kallis3
Who do you bank with at the moment Rod?
Posted: Sat May 21, 2011 8:57 pm
by Rod Newman
Abbey, sorry Santander i'm an old traditionilist!
Posted: Sat May 21, 2011 9:07 pm
by kallis3
You should be ok then but I would look to open a new account with another bank such as the Co-op as well just in case!
Posted: Sat May 21, 2011 9:10 pm
by Rod Newman
OK, but if the IVA company are saying I must use the RBS as that is the bank they use do I actually have a choice?
Posted: Sat May 21, 2011 9:11 pm
by Shining
I don't see how they can tell you who to bank with Rod, it's your choice, they can only recommend you open a new account with someone not linked to a creditor.
Posted: Sat May 21, 2011 9:16 pm
by Rod Newman
Thats what I thought, and to be honest I am feeling less and less happy with the advice I am getting from him. I have another call on monday with Melanies firm and hopefully that will be less intimidating and dictactorial
Posted: Sat May 21, 2011 9:21 pm
by kallis3
They cannot tell you who to bank with, you go with what you are comfortable with.
Mel's team will never tell you who to bank with.
Posted: Sat May 21, 2011 9:28 pm
by Shining
I'm with Mel's team Rod and they never told me who to bank with, it was always my choice. Hope your meeting goes well with them on Monday x
Posted: Sat May 21, 2011 9:35 pm
by Rod Newman
Thanks for guidence all. The Fella from the Think Money Group phoned me wednesday chasing an answer and again today. Starting to get more hassle from him than the creditors!
Posted: Sat May 21, 2011 9:38 pm
by kallis3
I would not be touching anyone who was chasing me for a reply. Tell him to get lost and use a decent firm!
Posted: Sat May 21, 2011 9:56 pm
by Foggy
I would recommend the Co-Op (if they aren't a creditor) -- easy to set up, internet banking and UK call centres.