What is my next step

[MelanieGiles]

Hi Ben

If you have decided that an IVA is definately the right way forward for you, then you ought to cancel all direct debits which relate to unsecured loans and credit cards - I think that you mentioned you could not afford to pay anyone anyway.

You will need to open up a new bank account, with a bank to whom you owe no money, and then if your existing bank continues to charge you bank charges, all they are doing is increasing their eventual claim against you by fairly modest amounts.

Your chosen IP will hopefully be in a position to put forward proposals within a four week period, so there is really little to worry about. Try and enjoy the sunshine over the weekend, but do post if you have any concerns as we will all be around.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ben_]

Thanks guys, I get the feeling it's going to be like "what should I have for breakfast?" on this forum with the amount of questions I ask you all about IVA's! MY cards are with Marbles, Egg, Abbey and Barclaycard, and my loans are with Barclays and MBNA. Should I stay away from certain banks that own/affiliate with these brands? I'm not sure which ones are? I know MBNA own the Abbey credit card and obviously Barclays with the Barclaycard. I already have 3 bank accounts with Barclays, Natwest and IF, the smallest owing to IF of £1000. Who should I open a bank account with? (If I can get one!?)

[MelanieGiles]

And that is exactly what the forum is all about Ben. For every member posting a question, there are at least 50 silent members who are happy to just sit and watch the questions and answers, so you are also helping other people at the same time!

If you are looking to open up a new bank account, then this should be with someone to whom you do not owe any money. I would try Lloyds TSB as a first point of call - but there are many postings on this forum about different banks. Try and avoid those who levy monthly charges, unless you are absolutely desperate - I have to say that I am personally not a fan of "Think" banking.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[freelili]

Hi Ben

Avoid HSBC / First direct as they close accounts of people in IVA's

Good lucik

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[Andy2]

You will need to avoid Halifax/Bank of Scotland if you include "IF" as a creditor as they are all part and parcel of the same group. In theory you COULD have a bank account with Abbey National even with an Abbey National credit card as a creditor because the credit card business of Abbey National is owned by MBNA ! Having said that it might be too close for comfort - if they would have you anyway. Best to go for totally different banks - I hear Co-Op and Nationwide getting recommended a lot on these boards as well as Llyods TSB as Melanie says. Marbles I think is Beneficial Bank/HFC which I am sure is ultimately HSBC !