I have several questions about bank accounts

[Muggins]

Do you mind me asking which company you are going through? It may be more beneficial for you to plough any savings into paying off some of your debt and remaining on your DMP! It's far less restricting and iva's are not always guaranteed to end after 5 or 6 years if you read other posts! Do you own a property also as this may be affected in an iva!

[dipsy]

HSBC closed my account immediately when they were informed of my IVA so they are a no-no. They will do this irrespective of whether they are a creditor or not. You will definitely need to change your bank account. I have a Nat West basic account which has a debit card and I can set up standing orders and direct debits with no problem. Hope you get things sorted but please don't worry. It all sounds scary but once you have started the ball rolling you will feel so much better about things. Let us know how you get on x

[Kirsti]

No we dont have an property,and are going through payplan. the savings are purely for emergency (car) as we both have to use cars for our job, if either of the cars went pop we would need to buy one immediately for work, so I dont want to part with what little we have. We would be another ten years on a dmp. Have emailed to delay iva, and off to be subjected to further humilation trying to open yet another 'safe' bank account which I am sure will be refused. So much for being moral and not opting for bankruptcy.

[Niobe]

You definitely need to move from HSBC and avoid First Direct as well. They trawl the insolvency register and will close the account.

The childrens accounts will be fine.

Savings for emergencies are fine. If you have no property then your IVA should conclude after five years.

We're with Payplan and have found them to be very good.

[dipsy]

You can apply for the Nat West account online... I did and it was accepted immediately.