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Payday is 28 September - (Yippee!!!!) and BR hearing 1 October. I have D/D's and S/O's which need to be paid. Do I clear the account of any money left over after leaving the money in to cover the bills? What do I do with the balance? The BR forms ask if you have any cash in hand etc.

Sue

Ho Hum! Think I'll bang my drum!

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When do your DD's come out Sue?

All at differenct dates between 28 and 16 of following month.

Sue

Ho Hum! Think I'll bang my drum!

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sue what i did was paid all the direct debits up to date of BR withdrew what was left, which was about £150 as cash in hand, opened new account with think banking and had wages paid in 3 days later and set up new DD's any that were missed were paid as double the next month, just telephoned them and said have changed bank accounts, haven't paid this months DD can you take double this month, deposited the 150 as this was the DD money anyway, the OR knows you may have a couple of hundred in your hand as you are advised to have enough to see you over the next couple of weeks after BR incase there is a delay in setting bank accounts up.
kerri

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Hi Sue,

When asked if you have any cash in hand, this wouldn't include money that you have withdrawn from the bank or money in your wallet. I think what they will want to know is do you have cash savings (or other large amounts of cash)lying around.

I dont think you have anything to worry about as you are being upfront and honest.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Is the bank you are with one of your creditors Sue?

Thanks for all the replies.

No, the bank I am with is not one of my creditors. I opened a basic account with RBS before entering into the IVA. Now that I am going BR, I have opened an account with Think Banking just in case RBS freeze my account and tell me they are closing it.

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That's fine then, even if they do close your account, it takes a while for the OR to get around to informing all your creditors so most of your Direct Debits should be paid. I too changed bank accounts in preparation for an IVA, but then went BR and Halifax closed my account which created a few problems with regards to DD's. But most of the companies have been great and said that they'll just take 2 payments next month. I'm with Think Banking now and have explained to them that I'll be paying some DD's twice next month and they've said no problem and will keep enough money back for them.

Once again - this forum comes up trumps!! I am grateful to you all.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/