really struggling and desperate to get hold of our funds

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Matthew.76

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Post by Matthew.76 » Fri Sep 10, 2010 9:07 am
We have recently gone into an IVA, just before we opened up a bank account with First Direct (HSBC), yesterday we received a call and they have completely shut down our account as they dont support IVA. We dont owe them any money and they are holding our money until we get another bank account sorted, a rough estimate in the account is about £700 and we have no means what so ever of getting to our money. I am married with 3 children all under 6 yrs. We are currently looking into gettinga new bank account ASAP so that they can transfer the funds which will probably take 2-3 days.
We also have bought some clothes recently using the First Direct card but we wish to return these items to the store so we can get a refund and have some money back but we wont be able to do this as the cards have been closed down and they said that the only way would be to ask for some other way of a refund (which i dont of any) or a credit note, which is no good as want the money. Please could you give me some guidance on this as we are really struggling and desperate to get hold of our funds. Would you reccommend any banks to open an account with?
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 9:30 am
Hi, and welcome to the forum.

Sorry to hear about your problems with First Direct. They are well known for closing accounts but usually give you 28 days.

I would not have thought that they could hold that money as it is yours.

Open another account with someone like the Co-op as they do come recommended and have a word with your IP to see if they can bring any pressure to bear.

It is is disgraceful that they are treating you like this.
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Tina Shortland

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Post by Tina Shortland » Fri Sep 10, 2010 9:35 am
Hi Matthew.76 - welcome to the forum - it is dreadful that FD do this but unfortunately they are renowned for it and whoever was advising you for your IVA application should have told you this in advance to save you this problem now.

As Jan says, the Co-op are a good bank to approach, if your debts are not connected to them in any way - the Cashminder Account is the one to go for.

Hope you get things resolved soon.

Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

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MelanieGiles

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Post by MelanieGiles » Sun Sep 12, 2010 8:39 pm
Why on earth did your IP not advise you about this bank's policy of non-support to people in IVAs. It is very well known in this profession.
Regards, Melanie Giles, Insolvency Practitioner
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