www.iva.co.uk

SOME OF MY DEBT LIES WITH MY CURRANT ACCOUNT I.E PERSONAL LOAN AND AVISA AND MASTERCARD, WOULD I HAVE TO CLOSE THIS BANK ACCOUNT AN OPEN ANOTHER ONE?

Lisa.76.

Yes it would be advisable to open another account with a bank that has no interest in your debt.
If you keep the account that you currently have then your bank my offset their debt against any monies payed in.

There are a few banks that will accept you for a basic account. The Co-op, Yorkshire Bank, and the one I am with, Lloyds TSB.

Good Luck.

Hi and welcome,

Lisa is correct. You should open another account as soon as possible as the bank can take money from your account to offset against their debts before an IVA is set up.

If you get a new account before proposing your iva you shouldn't have any problems getting a regular currant account (just remember to refuse the od). If you let us know who your creditors are we can advise which banks to avoid if needed. And it goes without saying to steer clear of hsbc and first direct - they'll close yur account once the iva is accepted.

we opened an acc with natwest and sorted it around the same time I picked the phone up to ask about IVAs. Cos it took three months to sort the account is well established. I never told them about the IVA and when asked in the applicaiton have you ever been bankrupt I could honestly say NO, as nothing was wrong to that point.

Natwest account is no problem at all, they been very helpful.

Most of the banks now offer a basic account which has no overdraft facility but the ability to still do direct debits and standing orders. Whoever you choose to advise you can let you know which ones you can safely approach depending on who your creditors are.

regards,

Another bank worth trying is Clydesdale bank (all part Australian group of banks)Application is done over the phone so they are able to give a quick decision

Natwest bank was great with me also. When I opened the account they did ask me if I had any 'adverse history' with any other banks, which of course I answered honestly.
The acount is a basic Step account but you do get a debit card with it.
Good luck!

Hi Lloyds TSB were wonderful with me, i popped in to see them and it was opended straight away within about 10 mins. They sent all the info through the post. And ive never had a problem with them.

lis