www.iva.co.uk

Hi I've just started my iva,my existing bank have cancelled my account as the loan I'm having the iva for is with them and stopped all my direct debits!! What can I do?

Didn't your IP advise you to switch to a new account while sorting your IVA? It was one of the first things they told me to do, my old account with Lloyd also had a loan so switched to the Co-op about 2-3 months before IVA was approved while my credit score was still ok.

Hi and welcome,

You should have been advised to change your account.

You should do this asap - Nationwide are usually pretty good, as are the Co-op.

sorry to hear this but as the others said you should have been advised to start a new account with a non-creditor and only transfer your direct debits for bills which will continue (gas/water etc) well before iva got agreed so when iva became active your account would be safe. Im not sure what you can do-i guess still need to open new basic account (no overdraft facility) and transfer your wages etc to be paid into new account. I dont know if you can get balance released from old account but would like to think so. We are with Natwest and been fine-good online banking app. Could try that if not a creditor. Good luck

Don't touch either HSBC or First Direct - they won't look at you.

The Co-op bank are really good with their cashminder account.

Bear in mind with the Co-op that it has to be done either in branch or over the phone - you can't do it online.

They are perfectly entitled to do so - shame your IP didn't pick up on this.

I'm afraid unless you can convince the Bank otherwise you need to find a new account.

This may be a useful link:

http://www.which.co.uk/money/bank-accou ... -accounts/

Just for your info too I opened with Natwest at the start of my IVA. They moved me to a basic account within a couple months but in honesty the basic account is really good now. You can even use ANY cash machine which I couldnt do at the start. I moved from HSBC even if I didnt owe them any money, I hadn't heard good things aout them during IVAs. Good luck.

Rickne we also opened a natwest account and got downgraded to basic but to be fair it ticks all our boxes. Had it 3 years now and had no issues. Can use in all atms, online, etc. Only thing cant do is pay at pump petrol. App is fav, online banking simple straight forward user friendly. Dont envisage needing to change even after iva finished to be honest.

I'll vote for NatWest too, all through my IVA I was more than happy with them, and I do feel my local branch exceeded my expectations of customer service too.

I have remained with them and have upgraded account and have their credit card too which I do use very wisely believe me. Worth having a look.

See http://www.bbc.co.uk/news/business-35472850 for what is possible since January 2016.

Problem is that HSBC is on that list and they won't give you an account if you have an IVA and will close it if you already have one even if they are not a creditor.

They are well known for regularly trawling the Insolvency Register.

Found the co.op account to be very good indeed.

Dreadful for an ip to not advise this to start with.

Good luck.

Paul

I would also suggest nationwide or natwest co op are also good shame it wasn't advised my your ip