New to IVA and forum

Get expert opinion. This is the place for new questions to be posted.
103 posts Page 3 of 7

kitty14

User avatar
Posts: 50
Joined: Mon Nov 09, 2020 2:25 pm
Location: South East

Post by kitty14 » Thu Dec 31, 2020 2:17 pm
Thu Dec 31, 2020 2:04 pmFoggy wrote:
It is a pity that HSBC are still as bull headed as ever and worrying that their staff are unaware of this ( your earlier 'advisor' ), but fortunate that you managed to recover the wages and open with Barclays --- still --- a dose of hassle you could well do without, especially in current times !

I, personally, would not touch HSBC with my worst enemies bargepole (let alone mine) due to their total lack of support when customers need it most.

Still, that is out of the way now --- look forward, rather than back :-)
Thanks foggy. Yes agreed I was indeed lucky this time that I managed to recover my wages that would have been catastrophic. I just hope and pray things WILL get better from now on... :?
IVA Start - Jan 2021

kallis3

User avatar
Forum Expert
Posts: 76727
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Dec 31, 2020 5:49 pm
I'm with Foggy - HSBC were awful with me. At least you have your wage sorted.

Hope next year is a better one for you.
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

kitty14

User avatar
Posts: 50
Joined: Mon Nov 09, 2020 2:25 pm
Location: South East

Post by kitty14 » Thu Dec 31, 2020 7:18 pm
My only slight concern now...
I asked Barclays till I was blue in the fact again been reassured but still not 100% trusting are Barclays partnership finance the same thing as they are one of my creditors? (Was a loan to buy a phone)
IVA Start - Jan 2021

Foggy

User avatar
Forum Expert
Posts: 32774
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Dec 31, 2020 9:14 pm
In theory the finances of each arm of a group should remain seperate --- in practice we generally advise not to take the risk as much will depend on how the group of companies has been structured.

The usual advice is to seek a bank unconnected with creditors or in the same trading group as creditors to be on the safe side. Barclays will do for now, but, maybe, seek out another after the New Year break. Many of us use the Co-Operative Bank Cashminder accounts.
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

luluj

User avatar
Forum Expert
Posts: 11157
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Sat Jan 02, 2021 6:17 am
So glad your wages were redirected to your Barclays account.

We opened an online Smile Bank account, part of the Co-op group during our iva, and haven't moved since- never had any issues with them at all and they allow you to administer and open new basic accounts on line.
During our iva I opened three accounts and used these to put our monthly budget in for different things like dental, prescription costs, hairdressers,clothes, so what was left in our main account was what we had to spend ...

What I'm trying to say in long winded way it appears (sorry), is its better to open a couple of basic accounts just in case ....
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

kallis3

User avatar
Forum Expert
Posts: 76727
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Jan 02, 2021 8:48 am
I had a basic account with Nationwide which is now a full account, and Barclays kept our full account open even though Barclaycard were a creditor, and their debt collection agency were a nightmare to deal with!
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

kitty14

User avatar
Posts: 50
Joined: Mon Nov 09, 2020 2:25 pm
Location: South East

Post by kitty14 » Sat Jan 02, 2021 11:50 pm
Thanks for all your advise everyone, yes I have been thinking about another account as well just in case there are any shenanigans with Barclays (hopefully not but who knows anymore) 🤪 just due to everything that’s happened and I know I’m partly to blame I did put a complaint in to HSBC as Stepchange advised, I was just so fuelled from the other day. Anyway let’s see the outcome not that I’m hoping for anything great 😂 all I can say for now is roll on the 5th and let’s be done with the anxiousness.
IVA Start - Jan 2021

kitty14

User avatar
Posts: 50
Joined: Mon Nov 09, 2020 2:25 pm
Location: South East

Post by kitty14 » Mon Jan 04, 2021 10:52 am
HSBC giving me £75 compensation and said once the outcome of the IVA a specialist will contact me regarding accounts...

If they do once the outcome is here offer me to keep my basic account is this okay as the IVA is legally binding?
I’ve held off opening another bank account other than the Barclays until after tomorrow as my meeting will give me more clarity.
IVA Start - Jan 2021

Foggy

User avatar
Forum Expert
Posts: 32774
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Jan 04, 2021 11:11 am
If they re-open your account there is nothing to stop them closing it again --- the legality of the IVA has no impact on what they decide to do. Thay seem to be applying bankruptcy procedures ( in error) and their lack of knowledge is, in itself, worrying.

Take the £75 and kiss them goodbye.
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

kitty14

User avatar
Posts: 50
Joined: Mon Nov 09, 2020 2:25 pm
Location: South East

Post by kitty14 » Mon Jan 04, 2021 11:13 am
Mon Jan 04, 2021 11:11 amFoggy wrote:
If they re-open your account there is nothing to stop them closing it again --- the legality of the IVA has no impact on what they decide to do. Thay seem to be applying bankruptcy procedures ( in error) and their lack of knowledge is, in itself, worrying.

Take the £75 and kiss them goodbye.
Thank you Foggy, so if I go and open a NatWest account - nothing linked at all will this be safe and they would not freeze or close my account for the duration of the IVA?
IVA Start - Jan 2021

Foggy

User avatar
Forum Expert
Posts: 32774
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Jan 04, 2021 11:21 am
It is as difficult as predicting the weather trying to guess what banks will do. When I started my IVA I opened a NatWest account --- then panicked and opened a Co-Op Cashminder as well. I used both during my IVA, and still have both operating now. My old account with the Halifax (they were a creditor as well) I kind of abandoned, but never closed it --- it still has 14pence in it and they still gave me a credit card since finishing my IVA !
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

kitty14

User avatar
Posts: 50
Joined: Mon Nov 09, 2020 2:25 pm
Location: South East

Post by kitty14 » Mon Jan 04, 2021 11:31 am
I see, I guess this is the right thing to do though seeing as HSBC and Barclays are a creditor of mine. Least NatWest I have no ties whatsoever. I’m off to go open that now hopefully.
IVA Start - Jan 2021

nicola715

User avatar
Posts: 22
Joined: Fri May 24, 2019 6:47 pm

Post by nicola715 » Mon Jan 04, 2021 5:06 pm
First of all congratulations. The first step is the hardest. We are a year and a half in and honestly wish we had done it sooner. Bank account wise we have a basic with nationwode and had absolutely no issues. Our iva is admistrated with a small scottish firm called french Duncan, was arranged by keith white who i found on here. We in NI so i duno of slightly different. Our IP Jamie has been absolutely amazing and honestly cant thank him enough. Its only up from here xx

kallis3

User avatar
Forum Expert
Posts: 76727
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Jan 04, 2021 5:20 pm
Did you manage to open it Kitty?
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

kitty14

User avatar
Posts: 50
Joined: Mon Nov 09, 2020 2:25 pm
Location: South East

Post by kitty14 » Mon Jan 04, 2021 9:19 pm
Mon Jan 04, 2021 5:20 pmkallis3 wrote:
Did you manage to open it Kitty?
I went and queued at the branch and they directed me to online or telephone and boy what a shambles that’s been today. Called about 10 times for each time the advisor says different things which has resulted me in having to apply for a normal current account instead because apparently it’s impossible to apply for the foundation account. So now I’m waiting in which they emailed me saying I have Mail sat in my inbox on mobile banking which is a joke as I have no details whatsoever to retrieve this. Looks like I’ll be straight back on the phone to them tomorrow as they seem to have generated me an account as I can see the last 3 numbers. Bizarre is the word.
IVA Start - Jan 2021
103 posts Page 3 of 7
Return to “Ask IVA Forum and Industry experts”