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Posted: Fri Dec 14, 2007 9:07 am
by toni_1am
Hi!
I've been reading through your web site and I've got a question...A IVA means I will loose my credit cards. And what about a debit card, a Switch?? It's not a credit card. will I loose it to on a IVA???
And about my online banking, will I still be able to use it, make payments, etc...??
Would be most appreciated if you could answer my question.
Thanks!!
Tony
Posted: Fri Dec 14, 2007 9:12 am
by MelanieGiles
Hi there and welcome to the forum
You will only lose the card if you are forced to close down the account due to having other debts with the same bank or an overdraft on that particular account. Also some banks have a policy of closing accounts for customers in IVA's - HSBC do this so far as I am aware.
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: Fri Dec 14, 2007 10:13 pm
by emma_t
Hi toni_1am
If your current bank account is overdrawn you will need to include it in any iva and open a new bank account to use.
I opened my new bank account before I started looking into iva's and my credit raiting was still ok so I got a current account with a visa debit with the co-op - with no overdraft facility.
if your credit raiting is already impaired you can get a basic account which will give you a visa electron or solo debit card, which I think are accepted in the majority of places.
You should still be able to use internet banking.
Posted: Fri Dec 14, 2007 10:51 pm
by Helper and Seeker
As already said open an account with a financial institution which is not connected to any of the companies you owe monies too.
eg: if you include Royal Bank of Scotland in your IVA you cannot open a Natwest account as they are one and the same firm.
I only had a couple of choices as I owed everybody and everyone so am with the Alliance & Leicester My wages go in and I have a cheque book and a Debit Card. I opend this after I had defaulted on all my creditors and they were cool with me opening it as long as your wages go in thats all they care about.
If you are not connected to the Nationwide in anyway I would suggest opening an account with them as they have more branches anywhere which is very convenient. They were sadly one of my creditors so I could not go with them - really inconvenient[:(]
Just started my IVA as from 12.10.07
Posted: Sat Dec 15, 2007 12:49 am
by johnt
Helper and Seeker wrote:
As already said open an account with a financial institution which is not connected to any of the companies you owe monies too.
eg: if you include Royal Bank of Scotland in your IVA you cannot open a Natwest account as they are one and the same firm.
I only had a couple of choices as I owed everybody and everyone so am with the Alliance & Leicester My wages go in and I have a cheque book and a Debit Card. I opend this after I had defaulted on all my creditors and they were cool with me opening it as long as your wages go in thats all they care about.
If you are not connected to the Nationwide in anyway I would suggest opening an account with them as they have more branches anywhere which is very convenient. They were sadly one of my creditors so I could not go with them - really inconvenient[:(]
Just started my IVA as from 12.10.07
good choice, Nationwide are non linked. I have a debit VISA card and online banking with them. I've been in my IVA for four months now, so worry not! Its great walking past Barclays, I usually offer a two fingered salute, and think never again... brrr