Yes it is correct and you do need to open a new account. Co-op come recommended
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
ALL unsecured debt must be included. It is usual to open a new, basic, bank account with a bank unconnected with any creditors. As Kallis says, a populat choive is the co-op cashminder account. Do avoid HSBC or First Direct --- they have a habit of closing accounts for those in an IVA and are not very tolerant.
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