what happens next?

angelstar25

I've had the woman from payplan on the phone again tonight, she asked me wht my decision was, there was only really one option IVA, (27'000 worth of debt), she is starting my iva off, just wondered if anybody knows how long it takes for the creditors meeting, she says I need to sort out my new bank account, I have applied for a halifax (no overdraft) bank account, however it does have a visa card, will they take this off me? She says I had to get a bank account without an overdraft and that I have no credit connections with, so will this be okay?
any other advice
angelstar25

kathfisch

Hi angelstar
unfortunately I can't advise about the specifics of your question except that I think most banks offer an account called a "basic bank account" which is possibly what the woman from payplan was suggesting. These have no overdraft and no facility to obtain credit at all. I'm not 100% sure that they are called the same with each bank but might be worth asking the halifax if your new account falls into this category, they should know what you mean. You say it has no overdraft which I would think is the most important feature.

I'm sure someone else will be along to help out more.

Good luck with your debt and keep us posted!

kath

angelstar25

hi,
thanks for that the account i applied for is not a basic bank account, its a halifax current account without an overdraft facility will i be able to have this account or not, or will i see about getting a basic account?, would prefer the current account as it gives me a debit card.
angelstar25

kathfisch

Hi again
to be honest I'm not familiar with the usual IVA arrangements, so wouldn't like to advise you wrong! The best advice probably comes from payplan as they are administering it for you. I can understand you wanting a current account if possible, much more practical to have a debit card. Best of luck with your enquiries and sorting everything out. Don't forget to keep posting with updates or if you encounter any problems, there's lots of good advice and support to be had!
best wishes
kath

taplady

angelstar25 wrote:

hi,
thanks for that the account i applied for is not a basic bank account, its a halifax current account without an overdraft facility will i be able to have this account or not, or will i see about getting a basic account?, would prefer the current account as it gives me a debit card.
angelstar25

Hi ! I opened a Lloyds TSB current account with a debit card just before taking on my IVA and have had no problems.I went in to ask for a basic one after explainig why I needed one.I was credit checked but for some reason it came back ok - not sure why as we were in debt so I was offered a current account.I was even offered a platinum account with credit card! which I found ridiculous after saying I was in a financial mess!!
You have to keep in credit for an IVA and as you said cant have an overdraft but other than that its a normal account, very useful with internet banking!