We have had an IVA in place since August 2009.

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by Gaz.ly » Mon Jan 18, 2010 9:44 am
We have had an IVA in place since August 2009. We currently bank with Abbey who are moving to Santander Group. Included in the IVA is personal loan / overdraft with Alliance & Leicester who also are going to be part of Santander.
Can funds in our Abbey bank account be used to offset our debt with Alliance & Leicester even though this is included in IVA?
How can we find what our position is legally regarding IVA? Our IVA supervisor had advised us to move bank accounts as a precaution however none of the high street banks will consider offering is a basic bank account because of the IVA!
We need a bank account as our employers can only pay our salafies (via BACS) into accounts bearing our name.


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by Shining » Mon Jan 18, 2010 9:49 am
Hi there and welcome to the forum.

On forum the Co-op is highly recommended and very welcoming to people in IVA's/bankruptcy. Give them a try, I'm not sure of the legal standing and the offset of monies.

I'm with Natwest (Step Account) although I did open this prior to IVA acceptance.


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by kallis3 » Mon Jan 18, 2010 10:34 am
I think that once you are in an IVA they cannot take any of your money.

However, I agree with Lesley that the Co-op is a good one to use. It would be basic Cashminder account and you can only open it over the phone or in a branch.

I think Barclays are ok with their basic account, and so are Yorkshire Bank.
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