I am 2 years into an iva. I have a coop cashminder account which coop are closing as I went overdrawn for a couple of days. I want to open a Barclay's cash account but one of my creditors in my iva is barclaycard. Can Barclay's take money from this Barclay's cash account?
Barclays cannot offset against the debt once the IVA is in place. However, they may reject you because of the previous Barclaycard liability but hopefully this is not the case.
My understanding to this is yes they can. You will have to find another bank that is not one of your creditors. You have to be careful with that too as some banks are owned by others for example RBS owns Natwest and Lloyds own Halifax etc. To confirm this one of the experts will no doubt tell you.
If you are struggling to open a high Street bank account, you could try Secure Trust bank, or the card-based providers like Clear Cash, Cash Plus, Think Money etc.
Good luck with you search for a new account.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
There is rarely any linkage exercised between Barclays and Barclaycard, however it is always best to find a totally non-connected banking facility if you can.
Interesting point Mel about no linkage exercised between Barclays and Barclaycard as when I applied for car finance I had a panic when I realised they were using Barclays finance as Barclaycard was a creditor of mine, doubly surprised when it came back as accepted. I was wondering about this one.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
