would I be able to maintain by bank account?

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mike.123

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Post by mike.123 » Wed Aug 04, 2010 1:10 pm
If i was to enter into an IVA would I still be able to maintain by bank account for which I have a loan, overdraft and credit card with?
 
 

Adam Davies

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Post by Adam Davies » Wed Aug 04, 2010 1:35 pm
Hi and welcome
No, you will need to open a fresh account with a non creditor
Regards
Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Wed Aug 04, 2010 1:46 pm
It may be better to open a new account now if your credit file is not damaged, as you would get more facilities and find it easier than if you wait.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

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Post by kallis3 » Wed Aug 04, 2010 5:30 pm
The Co-op comes highly recommended on here.
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
 
 

Lou74

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Post by Lou74 » Wed Aug 04, 2010 7:25 pm
I have just applied for a nationwide account (pre iva) and have got a visa debit card and cheque book. They offered me an overdraft which I refused. Very pleased with them so far!
I would definately say sort it out before you start the process as not only do you have a better chance of getting accepted for a decent account, but also it takes a little while to transfer all your direct debits over and be sure that all activity has ceased on your old account.
I'm finding this is holding me up a bit at the moment, as I'm still waiting to be sure I can notify my old bank of my situation before progressing with the iva.
Good Luck
x
 
 

Imhotep

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Post by Imhotep » Wed Aug 04, 2010 8:17 pm
If you bank with creditors they may exercise their right to offset.

You need to get a basic bank account sorted out ASAP. One with no overdraft facility as it is classed as unsecured borrowing.

Check me out. Giving advice and everything. My heart still pounds every time the telephone rings!
 
 

kallis3

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Post by kallis3 » Wed Aug 04, 2010 8:33 pm
You're absolutely right Imhotep (I still love that name!)
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
 
 

Shining

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Post by Shining » Wed Aug 04, 2010 8:44 pm
If you apply now you may get a full account minus the credit facilities, I did that. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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