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Posted: Thu Jul 22, 2010 5:04 pm
by patricia.30
i was advised to switch to another bank before entering into an iva, what is your take on this
Posted: Thu Jul 22, 2010 5:08 pm
by dw1983
Hi and welcome to the forum if you have any credit with your current bank then you will need to switch to a different bank account as your bank could take the money from your account to pay towards your credit
Posted: Thu Jul 22, 2010 5:11 pm
by Shining
HI Patricia and welcome to the forum, that was good advice as if you have any debt with your bank or they're not IVA sympathetic then money deposited can be offset against your debt and some banks are known to close down accounts when the account holder is in an IVA.
Co-op Cashminder is highly recommended as a basic account on the forum. x
Posted: Thu Jul 22, 2010 8:53 pm
by Michael Peoples
If you move bank straight away before your credit file is damaged you could get a better account than just a basic one. I have clients who have switched to Santander and got £100 for doing so.