www.iva.co.uk

I have a natwest solo account currently and am thinking of going bankrupt. I am 2 years into an IVA but am likely to have this failed for me. Will I be able to keep my current bank account or will this be frozen? I need somewhere for my wages to go, does this need sorting before I go bankrupt?

I've heard varying things about Natwest - some people have been allowed to keep them and others haven't - it would be worth speaking to your branch. I have a Cashminder account with the Co-op and I would recommend this. I opened this after I was made BR so I could be sure that the OR would have no interest in it.

Hi penny

The cashminder account is my current favourite
it is fine for folks in B and includes :-

telephone banking
internet banking
standing orders
direct debits
VISA ELECTRON CARD
08457 240 752 or 0161 947 7135

hope it helps

Wonderful thanks guys.
By the way, once my bankruptcy goes ahead I assume my money will be controlled for me. Will I be left enough to live on? how do they work it out?

your money is not controlled for you but you will need to fill in an income and expenditure form ( different form if you are being made b instead of making yourself B)

this clearly identifies your income - from all sources - and your outgoings. This will be similar to the one done for your IVA proposal.

if you have under £90 pm disposable then it is unlikely that you will pay a contribution. Anything over this figure then you will pay between 50% and 70% each month for 3 years.

Although I am not well off, I have enough money to have a reasonable standard of living. I am paying into an income payment agreement (IPA) for 36 months but I am paying 60% (I think) of my surplus rather than the whole lot. If you have a look at my blog there is a table to give you a rough idea of what you would pay. I have also listed my allowances, although these obviously vary from person to person.