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Posted: **Mon Sep 17, 2007 9:41 am**

am i able to keep my current bank account, that my d/d are set up in. Why do i need to open another account?

Posted: **Mon Sep 17, 2007 9:43 am**

Hi smc and welcome to the forum

You will need to open a new bank account if you have debts with your existing bank as as soon as they find out you are insolvent they are likely to effect set-off against deposits you have made for their debts. This is particularly nasty if you have just been paid! If you have no debts with the bank, then it is find for you to keep that account.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Mon Sep 17, 2007 9:45 am**

HI s.mc and welcome,

If your current bank account is with a bank to which you owe money or is in overdraft, then you will need to open up a new basic account with a bank to which you are not indebted.

Regards,
MIchelle P.