HSBC make a habit of trawling the Insolvency Register and once they see your name on there they will more than likely close the account as they don't like their customers to have IVA's.
If you open a new account now, you can get one with full facilities, including a cheque book. You don't have to use it yet, but at least something will be in place as and when the HSBC one is closed down.
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
We have had a couple of posters who have been asked to close their accounts with HSBC, they were only given 30 days notice, which lead to full on panic. It would be better to open another account even if HSBC do not close yours, just in case, you dont have to use the new account.
I have a co-op cashminder account, I have internet banking and a debit card, I dont have a cheque book though.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Does anyone know if you have to pay car insurance monthly do they do a credit check would be refused? Monthly car insurance rates seem to quote apr% My insurace is high plus £1000 following a crash.
This is what worries me about an IVA. I have no contingency funds- if i enter one and in december when my car insurance comes up for renual, if they want £900 and wont let me pay monthly I will be stuck with no car which I need for work!
Do people find some savings can build up in an IVA over time?
Our credit file is absolutely ruined but we're in the middle of moving house and finding it ok to get things like new gas and electricity (EDF energy) and house insurance (Esure) without them doing credit checks
Does anyone know if you have to pay car insurance monthly do they do a credit check would be refused? Monthly car insurance rates seem to quote apr% My insurace is high plus £1000 following a crash.
This is what worries me about an IVA. I have no contingency funds- if i enter one and in december when my car insurance comes up for renual, if they want £900 and wont let me pay monthly I will be stuck with no car which I need for work!
Most motor insurance providers allow for monthly payments - why not check to see whether your's does first and if not start searching the internet for those that do. You should have no problems.
Do people find some savings can build up in an IVA over time?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Paying your car insurance (or any other insurance for that matter) monthly is fine, it is not classed as credit.
If you are able to make savings from your allowances whilst in your IVA, then is is perfectly acceptable. It is good to have some money behind you for those emergencies.
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
Hi Adam, open your new bank account and manually switch your salary and your essential direct debits to your new bank. Obviosuly do not switch any DD payments to creditors. Once Melanie has your initial details she will advise whether you are a suitable for candidate for an IVA. Once she has comfirmed you are, then I would stop any payments for creditors. This will allow you to build up some contingency in the 6-7 week period before your IVA starts. You will start to get letters/phone calls until your IVA is approved but just forward these to your IPs. If you manage any of your accounts online, then login and change you contact details to avoid calls at home, work and mobile. Try to stay calm, every step along the road you will start to feel better.
