Opening current account before an IVA

BenDeToy

Hi all,

It looks like I will have no alternative but to go for an IVA, having recently taken an £11,000 pay cut.

Anyway, from reading Martin's advice I think I need to open a new current account before registering - some of the unsecured debt is with our current bank, where I hold a joint account with "Mrs DeToy".

Although I have a high level of unsecured debt (duh!) I have no defaults, CCJs or late payments (yet) so I am thinking it should be not too difficult to get a new current account. I did just try opening a Nationwide flexaccount, but the application was cancelled as they said they couldn't help me - it might have been because I said I wasn't going to use it as my main current account?

Any advice would be appreciated.

RAS

Hi

I think our first concern would be that you have taken advice from a debt charity http://www.moneysavingexpert.com/loans/debt-help-plan#help before deciding to do an IVA.

See Martin's Guide http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

We are not terribly keen on them because we encounter so many people going bankrupt when their IVA fails.

BenDeToy

Yikes.

I'll make an appointment with somebody first then. Thanks for the advice.