Nationwide cashcard account - IVA

Karantiggy

Hi everyone,

I need some help before my head explodes!! We are thinking about an IVA at the moment. My first question is there any difference between Payplan and CCCS? Also I have been advised to open a basic account.....so I went into Nationwide today about their cashcard account and told I can apply by post but when you read the leaflet it says we cannot apply if 'subject to a voluntary arrangement' well we are not subject yet but we will be with £73,000 worth of debt. What do I do apply anyway but will they then close the account if we are found to have an IVA? This bank account thing is frustrating the hell out of me...oh yeah and I need an account with internet banking.

If you can help it will be greatly appreciated:eek:

Round_The_Bend

Hi,

I don't think that there is any difference between the two, except that CCCS seem to have their own IVA outfit, which claims to undercut other providers of such services.

Have you been advised to apply for an IVA? If so, you may want to visit the Bankruptcy Board and ask for feedback. I don't want to put you off but there are an awful lot of people who appear to have severe misgivings about IVAs and opted for bankruptcy instead. There are also a large number of individuals with failed IVAs, who ultimately end up bankrupt.

With the IVA, you need to be aware that you will be locked into repayments for five years and that if there is a change in your circumstances, there is no guarantee that your creditors will agree to changes. Others have also suggested that your living allowance is minimal and less generous than for those who opt for bankruptcy.

In terms of the bank account, several other banks such as Lloyds TSB, Barclays and Co-op offer similar accounts, which should be available even if you're subject to an IVA. Co-op are particularly helpful, in my experience.

Hope some of this helps and good luck with whichever path you choose.