www.iva.co.uk

Hi all.
Just wondered if your entering in to an iva and have say an abbey basic bank account will it be affected by the iva ?.

Not if you don't have any debt with Abbey or Santander who are their parent company. x

Hi Maverick welcome to the forum, always ensure that your bank account is totally separate from any of your creditors and that account will then be fine. I wish you well in your IVA journey.

If Abbey is one of your creditors, can I recommend that you open an account with the Co-op? They are recommended by posters on here.

I would recommend the Co-op Cashminder - it's an excellent account and their customer service is great.

I run a Cashminder and I cannot speak highly enough of it, you won't go far wrong there.

Regards.

Guys.
Many thanks for your prompt reply's in relation to my post.Just wondered though i have a credit card through MBNA and although its issued by them its actually issued on behalf of abbey so would this affect my basic bank account?.(as my salary is paid in).
Have taken on board the cash minder account. Although wondered as well if they are tied in with MBNA in some form, and would that affect me gaining this account with them?.
Best maybe explain my situation a little before i go any further.(Apoloigze for grammer and spelling in advance).I have currently accumlated around 30k in unsecured debt.I have a house in negative equity to the tune of around 30k and my head is pickled.
Prior to the end of 2007 when i bought my house i subscribed to both the main credit reference agencies and i was in the top 30% in the uk with an above average credit rating.
I bought the house in the boom and have just gone from bad to worse.The house is not lived in by me at the moment as i had it rented. Though due to ending a relationship,i should be moving back in this month.(The thought of this makes me feel physicaly sick as it has been the main factor in my downfall).
I am in rented at the moment and had considered I.V.A but maybe bankruptcy as an option.I live with my son and i am in the civil service on around 30k a year.HELP any suggestions welcome.

Hi again Maverick, I would certainly get yourself some professional free and impartial advice from 2 or 3 IP's. They will most certainly discuss all options with you and if bankruptcy is the best then they will discuss this further with you. A few posters on here have been down the bankruptcy path and offer excellent advice if required. Do keep your options open and take the advice of not just one but 2 or 3 different companies and only proceed when you're 100% comfortable with the situation.

Take a look at www.iva.com there you will find a list of companies and some reviews, the Professionals who post on here also come highly recommended.

I would definitely do as Lesley says and take advice - either one is a big step and you need to be informed as a professional as to the implications of both.

Co-op is completely independent of MBNA. MBNA is owned by Bank of America.

I'm with the Co-op and they've been great. When you ring them you get through straightaway and seem to talk to a human.

Hi Maverick. Before Santander bought Abbey, MBNA were the card issuers for Abbey credit cards. Other than that there is no connection and if you have an Abbey account and no other debts to Santander you should not need to move banks.

Speak to a couple of IP firms for free advice on all the options available to you.

If you have disposable income, after taking account of your usual household and general expenditure, an IVA could be a good solution to follow, but there will be others. Some civil servant positions can be affected by bankruptcy proceedings, so it would be worth looking into whether this would effect you at the same time as taking appropriate legal advice.