www.iva.co.uk

Hi there. Found this site yest and couldnt get off it. Found it so helpful and got some good advice. People r so nice!!! Yesterday i was asking advice for my husband and an IVA, but have decided maybe i should add myself into it now. Marriage=partnership and that means we stick with it together. Finally i got a question. Got some good ideas yesterday about good IVA friendly bank accounts, but does any1 kno how long it takes to change your bank account? Thanks.

Hi Dawn.04 unsure of how long I'm sure other posters will have good info for you, but once it is changed over make sure you get any salary etc you receive paid into the NEW account, this aspect really worried me at the time but it was fine in the end.
best wishes
Oscar

Hi Dawn,

Start the ball rolling now and I am sure you can get a new account up and running soon. I think it varies from bank to bank as to how long it takes.

Welcome to the forum. When we changed our account it took about two weeks in total before all account set up and direct debits changed over to new bank.

Keep reading the forum - you will find many answers on here to your questions and our aim is to support you through your journey !

Hi Dawn,
Welcome to the forum and well done for making the decision to sort your finances out. There are lots of helpful people on the forum and we have all been through the same things, its great to know you are not alone.
I opened my new account with Lloyds TSB and as I went into the branch it was opened straight away,I know some accounts you can open on line. As soon as I opened it I arranged for the wages to be paid into the new account and cancelled all of the direct debits in the old account. Obviously you will need to set up new ddebits for utilities etc with the new account. Good luck but remember you are doing the right thing, the situation you find yourself in wont go away on its own, its time to take charge and do something about it you'll feel much better.
Take Care
Karen [:)]

Welcome from myself now and glad you're finding the forum helpful. Do keep posting as there is usually someone about with some good advice.

Bank account isn't usually a lengthy process, just keep them both until you know your money is being paid into the correct one...change over the so's or dd's and inform anyone else who pays money into your account.

Welcome to the Forum Dawn - my new account took around 10 days with Nat West. I did it online and thats maybe why it took a few days. The quickest way is to open the new account directly with the branch of whoever you choose. Make certain that its not connected in any way with your creditors though. Good luck and keep posting x

Thanks every1 that replied to my question. so mayb we got achance if we hurry that we cud have it sorted for end of this month, ready to go ahead nxt month. Another question is, obviously youre not paying your creditors their payments in that time from going ahead with trying for an IVA,until it is accepted. So is it a case of saving that money or can u use it to pay rent arrears off?

Personally speaking, I'd use the money to pay off rent arrears unless you are including these in the IVA?

hi, we went with Co Op, they've been very good. we have online banking. set up was quick &easy.

cheers kallis. Thought rent arrears werent allowed??? Would like to pay these off of i can. Thanks also rosepetal, but i think we owe them from years ago. thinking NATWEST may b an ok one for us. x

Most definately clear those rent arrears in priority to paying unsecured creditors. Your rent keeps the roof above your heads at the end of the day, and whilst the arrears can be included into the IVA this could cause you problems with your landlord.

Hope that's helped you as excellent advice above. x

MelanieGiles wrote:

Most definately clear those rent arrears in priority to paying unsecured creditors. Your rent keeps the roof above your heads at the end of the day, and whilst the arrears can be included into the IVA this could cause you problems with your landlord.

Thanks melanie. I would like to get my rent arrears off. I have 2 children to think about.

Hi Dawn - this forum was a godsend to me when we were setting up the IVA. We went with the Co-op - cashminder account. It took 48 hours to get the account approved. About 10 days for the cards to come through. When I rang them to see if it had been approved they gave me the sort code and account number over the phone so I could start transferring the salary over etc.

Good luck and I think it's a good idea to get rid of the rent arrears with money that would be going over to the creditors