In the process of gathering info for iva proposal to be done. I have bank accounts and credit cards with the same bank. I understand the right to set off any credit balances against any debts, however does this continue after the iva is set up?
hi shop and welcome.
the best thing to do would be to set up a new bank account away from any of your creditors. that way your moneys safe and you havent got the worry of one of your creditors purging the account to recover money
The advice on here is always to set up a completely new bank account, with a bank that aren't one of your creditors.
I set up a current account with Santander, when I decided to go into an IVA. I was with Barclays but owed them money for 2 loans and an overdraft. It was pretty straightforward to set it up, and they transferred all my direct debits and standing orders for me.
Do this as soon as you can, and then it's something less to worry about
Today (15/09/11) I start my journey to a debt free future ~ happy days!
Once the IVA is set up then the bank cannot do that, but they can, and possibly will, close your account.
You should set up a new one straight away. The Co-op comes highly recommended.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Nationwide are a good bank - I rarely use the branch but it is useful for paying any cash into.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
