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Posted: Wed Jun 02, 2010 9:27 am
by linda,pr
do i have to give up my cheque book if i go for an iva
Posted: Wed Jun 02, 2010 9:35 am
by orange
dont think so but one of the experts will be along soon
Posted: Wed Jun 02, 2010 9:45 am
by orange
congrats on the final payment helen
Posted: Wed Jun 02, 2010 9:52 am
by Michael Peoples
If your credit file is currently fine you should open a new account immediately if you have debts to your current bank. You would then be able to get more facilities including a cheque book but do not request an overdraft.
Posted: Wed Jun 02, 2010 10:48 am
by Shining
I opened an account that gave me the facility of a cheque book as I needed it for daughter's schooling with no problem pre-IVA.
Posted: Wed Jun 02, 2010 3:58 pm
by Harry Wake
Michael Peoples wrote:
If your credit file is currently fine you should open a new account immediately if you have debts to your current bank. You would then be able to get more facilities including a cheque book but do not request an overdraft.
I have successfully set up a 'neutral' bank account, but gave in to a bit of pressure to take out a £200 overdraft. Should I cancel it, or just be a good boy and never use it?
Posted: Wed Jun 02, 2010 4:10 pm
by Michael Peoples
It would be pointless to cancel it. You can obtain small amounts of credit in an IVA but it would be better to keep it as a buffer. With no overdraft facility the slightest mistake could lead to interest and charges whereas if you went into your buffer you would be fine.
Posted: Wed Jun 02, 2010 6:45 pm
by Shining
Mine came with a £100 overdraft but I cancelled mine x
Posted: Wed Jun 02, 2010 7:35 pm
by Gettingthere
Sort of answers a question I have been puzzled with to be honest, I opened a new account with the Co-op (anyone needing to get a new bank in the process of an IVA proposal try them out, they are really nice compared to most other "international" banking operations)
I did not ask, want or expect an overdraft and am not intending or going to use it but when the paperwork came through it came with a £200 one and have been fretting about it since, do I cancel it or just leave it and never use it? (it did go up to £500 at one point which I was concerned over but went back to £200 pretty quickly)
I am with your firm Michael so any guidance would be appreciated, I do not want to mess up the IVA after getting here.
Posted: Wed Jun 02, 2010 8:05 pm
by kallis3
Leave it as it is and just don't use it. As Michael says, it can be used a buffer if you do have a little mishap one month.
As for a cheque book, if you can find a bank to give a cheque book, then go for it.