if i did an iva will it affect my bank account

[wayne.f]

if i did an iva will it affect my bank account also will it affect thing i pay for like shy tv internet etc..

[Beans on Toast]

Hi Wayne, welcome to the forum. If you don't have an overdraft with your bank and none of your debts are linked to your bank, you can still keep the account open. You can include the basic Sky package and your internet as well.

If you wait, I'm sure an expert will give you more info, it would be helpful if you could give them a bit more info about your debts first.

[Vincent Bond]

It depends whether you have any debt with your bank.

Most people do have either a loan or overdraft which means that means that you would need to open a new account to seperate your income from your debt.

This is quite commonplace for people in debt problems and though a little bit of a pain at first is usually the right course of action.

Of course if you have no debt with them you do not need to.

[sjbyron]

Hi Wayne

Welcome to the forum

It depends on who you bank with.
HSBC/First Direct will close an account if the holder is in an IVA
Halifax and Bank of Scotland is starting to refuse accounts to people in IVAs as they dont like bad debts (i.e debts that wont get repayed in full)
LloydsTSB are known to do regular credit checks and either downgrade or close the account

It also depends if your account is linked with one of your creditors, as they will use the rights of offset e.g if you owed Natwest £2000 and you had a RBS account, as they are both part of the RBS group then Natwest would take the money out of your account.

And you cant have an overdraft or reserve limit on the account as these are credit.

Things like Sky and Mobiles are OK, but you will find it hard to increase or change the contracts once in an IVA and likewise you would find it hard to move i.e from Sky to Virgin.

Hope that helps