It does seem that they best way to handel the payday loans would be to get a new bank account. The only other way i could think of would be to cancel the cheques and report my card as missing. But opening a new bank account would seem less work. I have had a look into the names been given, and it seems that halifax or co-op may be an option for me. Visa debit card and online banking which is key for me. Lack of a local co-op brnach might be a problem for me though.
I have also read in some posts that Payday loans can not be included in an IVA. Although i find this very hard to believe, could somebody please clarify the situation?
Payday loans will be included in an IVA, no problem with that.
Please speak to a professional via www.iva.com - the companies are recommended and the advice is free and impartial.
As to the banks - you can use the Post Office for Co-op banking.
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
On paper it would appear that an IVA could be a perfect solution for you, but it will depend upon individual criteria and this is where speaking directly to an insolvency practitioner can really help you to understand more about the process and also the other options which you may have written off but perhaps you just need to know a little more about them.
In my experience the payday loan companies are very receptive to IVA proposals, so I wouldn't think you would run into too much trouble there.
Depends on how much you pay cheques in really. If you pay cash into a post office it goes into your account straight away. I haven't missed having a branch at all.
The other tip is to open a savings account before going into an iva as quite a few banks say no (stupid if you ask me). Co-op are one of the ones that say no. I've got my ISA set up now so will be ok.
