Sally - Foggy is spot on there, I was with First Direct and one day they just called me up and said "I'm sorry but we are going to have to close your account with immediate effect as we have been informed that you are starting an IVA".
I thought they had to give a certain amount of notice but it seems not. They are one of my creditors though so that's how they found out straight away. Luckily there was no money left in my account and I had already transferred all payments and direct debits across to the new basic account I'd set up.
It was a shame though, as their customer service is fantastic!
6 year IVA accepted 7th March 2013... the start of a new journey!
As First Direct were one of my creditors (I had an overdraft which formed part of the debt) then if I'd had any money left in that account they wouldn't have let me draw it out. Because I was into the overdraft, it would have technically been their money anyway. They said if any money was put into the account from then on it would be returned to sender, but I'm not sure how true that is as it never happened to me, I switched everything over before they had the chance to find out about the IVA.
I would have thought they'd give more notice to be honest but they didn't with me, perhaps because they were a creditor, but I think First Direct/HSBC are quite ruthless in general when it comes to insolvency.
6 year IVA accepted 7th March 2013... the start of a new journey!
I did all my transfers manually, rather than using the new banks switching service. Bit of a pain, but a good chance to weed out all the historic dead wood and, more importantly for me, to change all the due dates to a more convenient date. In my case, the majority go out just after pay day, so I know what I am then left with.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have to wait till the 29 cause most of them will be out then, then I have a gap till the 11 th to get it done did you just phone them up one by one Foggy .
