will we lose our bank accounts

[dilemma]

please can you tell me, if we get an iva will we lose our bank accounts and more impotantly my husbands business account?
many thanks

[MelanieGiles]

Hi dilemma and welcome to the forum

Your accounts will be at risk if you bank with a company to whom you also owe money. So it might be better to get new banking arrangements set up before applying for the IVA.

[may07]

As far as I am aware its a requirement of entering an IVA that you close your existing accounts and open a new basic account. Dont know about the business account that may be different. BUT Im no expert and one will be along soon to answer your question.
Best of Luck
May

[kallis3]

I opened a basic bank account just before we did the IVA as we were with Barclays and they were one of my creditors.

I still have this account open although there is not much in it. Am I obliged to close it? It is a joint account and Barclays is not one of hubbies creditors. Would it be in order to take me off the account so we could keep it going

[Viki.W]

Hey dilemma, welcome to the forum. If, as Melanie says, you bank with one of your creditors and you have to change, don't change to HSBC or First Direct as apparently they close the accounts of people with IVAs. Also, if your husband's business needs to take credit card payments etc, then try and sort out a new card machine with your new bank as soon as posiible as it took me weeks to get streamline with my new NatWest business account. Hope this helps, Viki X

[Skippy]

If you don't owe your existing bank any money, and as Kallis says you don't bank with HSBC or First Direct, you should be able to keep the account, minus any overdraft facility.

I was with Lloyds TSB prior to my IVA and as they weren't one of my creditors I was able to keep the account.