www.iva.co.uk

If an IVA is agreed, I understand you can no longer operate a bank account and a debit card is this correct.

I am presently a Director of my own company and would perhaps move forward on a sole proprietor basis.

The sole proprietor business could that have a bank account and debt ca rd. I dont want credit I just access to income I earn.

rgds

no you can still have a bank account and a debit card but it has to be with a bank you have no debt with and it can only be a basic account no overdraft. debit card will depend on which bank you choose. i opened one with the halifax before my IVa when credit rating was still good i got a debit card and cheque book had no problems with them.

I have a debit card and cheque book with my account. If you have bad credit then it might be difficult to get a debit card with your new account.

Hello Worriedjack

As the others say you can have a bank account and debit card.

Can I ask why you are winding up your company? - is that insolvent too?. There is no reason why you cannot be the director of a limited company while you are in an IVA. If the company is to continue its bank account will not need to be changed.

If you are winding up the company and moving forward as a sole trader, then you will need to open a business bank account for that purpose. Again this should not be a problem but you may find it more difficult to find a bank who will open one for you.

A friend of mine got into financial difficuly and his bank, HSBC closed his personal and business accounts on 30 day's notice. He went to Alliance and Leicester - they were ok with the business one but would only let him have a basic for the first 6 months. He now has full facilities with them.

It is extremely difficult to find any bank who will open a business account for someone who is in an IVA to trade through. Elizabeth if you know of any please let me know, as this appears to be a constant problem for most self-employed forum posters.

I personally would hang on to the company if you can - especially if you already have banking facilities in place.

Someone has mentioned on here today that they opened a basic business account with Natwest. Apparently you have to open it before you are in an IVA, but the credit checks are quite lenient.

A Director is leaving hence need to to alter company. I bank with abbey plc, and have just set up new sole trader account with them.

melaine mentions above "It is extremely difficult to find any bank who will open a business account for someone who is in an IVA to trade through. ".

are you saying I should remain ltd

I cannot possibly advise on that without having more details from you. It would be wise for you to contact an IP to find out what options are available to you, and issues like this can then be easily discussed.

I have opened a basic account with natwest, as S2004 said earlier "you can still have a bank account and a debit card but it has to be with a bank you have no debt with" My question is this- I have a debt to lombard who are part of the same group (RBS) does this mean if i go for IVA then I need yet another basic account.
Many thanks to all - am fairly new here but already this forum has given me strength an reassurance.