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Posted: Fri Nov 23, 2007 12:28 pm
by Mon Village
good morning all
i have a joint account with my partner with abbey national debit cards and cheque books no overdraft my wages and tax credit are paid into this account, note that abbey is not one of my creditor but i read somewhere that abbey is connected to MBNA wich is one of my creditor .the question is can i keep this account or i need to close my part of this and open a new one on my name in both cases IVA and Bankruptcy
thanks in advance for your replies
NL
Posted: Fri Nov 23, 2007 1:21 pm
by kandh
I have a joint account with Abbey with all the facilities and includes an overdraft. My husband had an IVA (I didn't) and like you Abbey wasn't a creditor but he did have MBNA as one. We started the IVA December 2005.
We were allowed by our IP to keep the account going, as long as we didnt use the overdraft facility. The only difference we noticed was when my husband's debit card expired, he got a new one but it was only for 12 months at a time (mine was 2 years).
Posted: Sat Nov 24, 2007 8:36 am
by Mon Village
kandh wrote:
I have a joint account with Abbey with all the facilities and includes an overdraft. My husband had an IVA (I didn't) and like you Abbey wasn't a creditor but he did have MBNA as one. We started the IVA December 2005.
We were allowed by our IP to keep the account going, as long as we didnt use the overdraft facility. The only difference we noticed was when my husband's debit card expired, he got a new one but it was only for 12 months at a time (mine was 2 years).
Thank you kandh for your prompt reply , but what will happen to the joint account if i fail IVA and go bankrupt are they going to freeze the account or only my part of my account as my partner has no debts
regards
NL
Posted: Sat Nov 24, 2007 9:53 am
by kandh
Sorry but I really dont know what would happen. I think it may depend on the individual OR but hopefully one of the forum experts or someone who is/has been br will be along soon to help with that one.
K
Posted: Sat Nov 24, 2007 11:14 am
by Adam Davies
Hi
If you were to become bankrupt your joint account may be frozen,so best to have yout name removed before you take this path
There will be no problem keeping it if you enter into an IVA
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Sat Nov 24, 2007 6:32 pm
by Mon Village
thanks for the advices both of you
andydavie wrote:
Hi
If you were to become bankrupt your joint account may be frozen,so best to have yout name removed before you take this path
There will be no problem keeping it if you enter into an IVA
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
NL