will HSBC close my business account ?

[tracy.p]

I AHVE A SMALL BUSINESS ACCOUNT WITH HSBC I AM ABOUT TO ENTER A IVA WILL THEY CLOSE MY BUSINESS ACCOUNT THE IVA IS A PERSONAL DEBT NOT BUSINESS

[MelanieGiles]

Hi Tracy and welcome to the forum

I am sure that you account will be closed, and if you are trading as a sole trader, then you will need to include your business debts in the IVA as well. Or are you trading as a limited company?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
HSBC have a policy of closing personal accounts of anyone in an IVA so I'm sure will do the same with business accounts[non limited].
As Melanie states if your account is overdrawn it will have to be included in your IVA.

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Scrooge]

Hi - We have been in our IVA about 18 months now. Like yourself we had a small business account with HSBC - also a Secured Business Loan and 2 personal accounts (1 joint and one individual).
On notification of the IVA they immediately closed the 2 personal accounts as there were outstanding overdrafts on these which became part of the IVA. However the business account was allowed to continue as there was no overdraft on the account.
We have had no problems since with HSBC although clearly there would be no overdraft facility allowed.