Hi iv got an isa account with money in with the Halifax they are also one of my creditor's. I have a iva creditor meeting on the 28th will I be able to get my savings out as halifax have frozen the savings acc8
Possibly not - they may take it to offset against their debt as they did with me. Not sure about ISA though as mine was a normal savings account. Hopefully one of the other experts will be around to assist further.
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
If Halifax unfreeze the account and you get the money out, this could then be seen as an asset and payable into the IVA for the benefit of all creditors anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for your replies I phoned creditfix and agreed to send me a letter to withdraw this amount as I declared it before my iva process started . They said to go into the bank with the letter to withdraw the amount is this normally allowed . Thanks worried sick as its all we have
What sometimes happens ( actually too frequently) is that the bank applies bankruptcy procedure to accounts whereby they freeze them to the order of the Official Receiver pending the investigations being made into the debtors finances. This does not apply in an IVA and, indeed, there is no OR, and banks usually unfreeze the accounts when they are told this.
However, this particular situation is more complicated in that Halifax is a creditors as well. They might be looking to offset the debt with them with the savings funds (although they should not do this, sometimes banks do try this tactic). This is why we advise to move funds out of banks and savings accounts with creditors before they get a sniff of the IVA and open accounts elsewhere. Again, this is probably complicated by the rules of your ISA governing movement of funds.
Hopefully Halifax is simply applying BR protocol, in error, and has not considered offsetting. In which case the letter from CF should suffice, in place of the 'order of the OR', and they will open the account again.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I opened a new account was about to transfer it yesterday when this happened thought I would have until the creditors meeting as there is no approval for the iva yet surely they cannot take this until the iva has been confirmed. Would creditfix instruct to block the account or would it be the halifax doing it
Thanks for reply
It would be the Halifax. They closed mine and took the money.
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
Just to add that Halifax will obviously be aware of the upcoming meeting and this maybe why they have done it.
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
Just spoke to Halifax they said that creditfix put the block on the account and that I can go in branch and withdraw the money really hope it is that easy
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
As far as I am aware Creditfix do not have the power or authority to freeze an account in an IVA. Maybe an expert could confirm or correct that for me.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sat Jan 23, 2021 1:48 pmcraig267 wrote:
Someone on the phone at the halifax mentioned bankruptcy is this normal
No -- Bankruptcy and IVAs are entirely different animals but it seems that some banks, or their staff, who ought to know better, try to treat the IVA process using bankruptcy procedure --- which is entirely incorrect.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
