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19ryanh93

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Post by 19ryanh93 » Wed Aug 28, 2019 7:02 pm
All

I am going forward with an IVA and i have been told that as one of my debts is with HSBC i have to close the account down

Is this a must or just advisable?

Thanks

Foggy

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Post by Foggy » Wed Aug 28, 2019 7:18 pm
It is always advisable to change accounts if your bank is a creditor, to remeove the 'temptation' for them to offset bank balance against the debt !

Additionally HSBC ( and First Direct) are well known for closing accounts (often without notice) of those in an IVA, even if they are not a creditor -- they are simply 'IVA-unfriendly' !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

19ryanh93

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Joined: Fri Aug 02, 2019 9:45 pm

Post by 19ryanh93 » Wed Aug 28, 2019 7:23 pm
Thanks for the reply.

Bit of a pain i guess, ill get working on sorting it then.

Just need to tell everyone my account details are changing.

Mrs_Brown

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Post by Mrs_Brown » Wed Aug 28, 2019 8:19 pm
I moved to co-op and whilst I am sure they could have done a switching over process for me, I did it myself. It wasn't too bad as most of the people I pay I was able to log in online and add new info. I also have a Monzo account and have never had any issue from there despite being in an IVA. Before this I was with first direct who are part of the same family as HSBC.

Foggy

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Post by Foggy » Wed Aug 28, 2019 9:07 pm
I advocate manually changing over, rather than using a switching service. It is a pain, but it stops old DD's etc. on loans and the like 'following you' to the new account. We have had a few occasions where even a cancelled DD authorisation has been acted upon by a new 'switched' account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Wed Aug 28, 2019 9:16 pm
I agree with Foggy - you need to open a new account on your own - Co-op come highly recommended but you need to open it in store.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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