Will I have to change banks if I go into an IVA ?

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LynK
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by LynK » Fri Dec 15, 2017 7:17 am
I am with co-op bank basic account after a bankruptcy in 2007. I was doing fine rebuilding my credit with a vanquis credit card spending up to £50 a month then paying off in full, but got made redundant 2 years later. Thinking I would get another job quickly I used my credit card, but 8 months before I found employment. Since then I have not been able to clear the card because of huge interest. I also took out another card with Halifax Now I owe £7.000. My question is will I be able to keep co-op bank or have to change banks if I go into an IVA
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Foggy
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by Foggy » Fri Dec 15, 2017 7:36 am
You should be OK with the cashminder account -- no overdraft and credit card debts with other lenders. You need to start right from the beginning though .. although an IVA was right last time, doesn't mean it still is. £7k is a modest debt, by IVA standards, and there might be a better solution without thrashing that credit record again, such as a DMP. So, have a chat with a couple of providers and explore options.
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kallis3
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by kallis3 » Fri Dec 15, 2017 8:20 am
If you have no assets you could also consider a DRO.
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