Hi, I have a nationwide account plus credit card that will form part of the iva, I really don't want to change banks but I've been advised to. Is there anyone who has been in the same situation and managed to stay with them? Thanks
The credit card will have to go anyway. Is the account itself in overdraft, if so that will be drawn into the IVA and there is a chance that Nationwide will freeze your account, leaving you with no access to your money while you sort it out. There is also a possibility of them simply payng themselves back from your account balance when your salary goes in.
We tend to only hear the bad experiences, but, as I recall, there have been a couple of instances where Nationwide have frozen accounts, also at least one comes to mind where they have been brilliant ! Very hard to call.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for your Reply, there's no overdraft and I've always been good with the account, I know the credit card needs to go that's fine, I just really want to keep the account!
It would be good to hear about the successful stories!
If you don't set up a new account you won't have a back up if the account gets frozen or closed once the IVA process starts. This can cause all sorts of problems as you might not be able to access funds whilst trying to sort it.
I spoke to them today and they are sending me written confirmation that they will not freeze accounts or try to take money from them. Fantastic news as I did not want to change!
