I have a HSBC bank account with all direct debits, salary etc. I am about to enter into an IVA, have no direct debt with HSBC but I do have an M&S credit card. Are they one and the same? I really want to be able to keep my HSBC account going, and my Insolvency Practitioner said HSBC will not be informed of the IVA (no debt to them, so not necessary) but I am concerned if HSBC and M&S are one and the same, they might not only close my account, but might also take my money!
I went into M&S bank and asked this question, and bizarrely, the staff didn't know the answer to my question! They informed me that M&S Bank was a wholly owned subsidiary of HSBC but they did not have access to each others systems.
I am really worried about this, but don't know where to go to get a final answer!!!!! I've also read that if HSBC find out about the IVA (either through my M&S CC or through a random credit check), they may well just close my account anyway, despite it always being in credit and having no credit facilities!
Hi and welcome to the forum. Unfortunately, the HSBC aren't a very friendly IVA bank...it has been said they trawl the insolvency register and close down accounts of those within a formal solvency arrangement such as an IVA.
My opinion would be to get yourself another account set up prior to entering the IVA and one less thing to worry about.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi lesley_ - thanks for the welcome. Hard to know where to go to get the right advice, feel like I've hounded my IP enough.
Do HSBC really do that?! Surely there must be hundreds of new entries on the register every day? They actually spend time looking for people?! Wow, that is pretty mean.
I would still be very interested to know if M&S and HSBC are that closely associated, if anyone knows?
Hi Limecocopop ---yes, I am afraid HSBC are that petty. We have had numerous instances with forum posters where they have had the account closed, some with no notice !! I would urge caution and set up a "safe" account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I was thinking of moving to Nationwide as they seem to be the only high street bank not affiliated with anyone else! I will leave my HSBC going and see what happens. How simple is a transfer process with all the direct debits etc? I also have a pension paid in there. NIGHTMARE!
Thanks for all the responses everyone!
Anyone had M&S wading in and taking money from HSBC accounts?
Hi.
I already had an (empty) savings account with nationwide so appplied for their current account as I started to go through the proposal stage. I applied for an account with no overdraft and was given the flex account with debit card. Ive had no problems and even get free travel insurance (not sure if they will be do this year as they have a new current account). Theres also a form for them to trf your dd and standing orders and my wages went to this account asap.
Hope this helps.
Cm x
Clairemichelle, when you applied, didn't it say something about being in an IVA? One of my friends applied for one the other day, and she said there was a tick box about it at the very beginning of the application online. Surely if you open one right before going into an IVA, that could be seen as withholding information? I am super-paranoid!
Another random question, anyone know if Sainsburys and Halifax bank are affiliated in any way?
Hi limecocopop
I vaguely remember there being a question but was advised to open a new account before I had proposal forms etc and I was advised that as it had not been approved then I was not in an iva. The creditors figures hadnt been worked out at that stage.
I am the sort of person who would never say no to something unlesa I was 100percent certain I was answering honestly and my advice to you is to carefully read the wording. If it says are you in or do you have an iva and you havent yet had your creditors meeting then ypu are not doing anything wrong.
If the wording says have you applied for an iva then thats different. Ive seen forms saying are you subject tp an ica and until I have had my completion certificatr and the debts dropped off my file I would say yes but afterwards itll be a no.
Hope that helps you.
Cm x
When I applied for my barclays account I was only asked was I bankrupt which I wasn't never asked me about an Iva but I wasn't in one at the time it was just at proposal stage
Hi, we opened a joint account with Natwest mainly because they were one of the few companies we didn't owe money to! We were given their Basic account and everything is fine. I have managed to get another current account with them which has a cheque book and a debit card that you can use at Pay at Pump machines I believe, but we just use the Basic account and move money into the other account if we need to write a cheque. Have had no issues with Natwest whatsoever and we have also got savings accounts with them as we try to save a little bit from our allowances towards treats.
I have 4 separate cards with Creation finance (think they are owned by GE Money). 3 credit cards and one store card. All four together have nearly a 22% share of my total debt, will they vote as one or as four independent accounts? I'm concerned if them and just one other (there are about 20 in total) vote against, my IVA won't even get off the ground.
Anyone had any experience with GE Money or Creation?
