First steps

bagpuss01

Hi there, I have just come off the phone to the CCCS and they have suggested a IVA. We owe £82,000. I have a couple of questions. The nice lady on the phone told me that I need a basic bank account. Can anyone recommend a bank that would offer an account specifically for doing IVA's or do all banks allow you to open an account for this reason. I would have thought that it wouldn't be easy.

Timing is my next step. I am at the moment paying all my c/c (by taking out money of c/c to do so) and I am not in arrears with any of them at the moment. So when do I stop paying them. I am using these cards to buy food and to support us. Once I stop paying I won't be able to use them.

It's this initially step that I am worried about. Once I do this I know that there is no going back. So it would be IVA hopefully, if I am not declined.

Any useful tips that I need to be aware off. I must admit reading all these posts are scaring the day lights out of me.

I would be grateful for any advice.

RAS

hi

It is essential that you have an account that is not linked to your creditors or they will off-set your income against your debts. The only bank that may niot do this is Barclays, but CCCS will advise. Even so you need a basic account as you cannot have access to more credit.

Get your salaries paid into the new account with new DDS for the rent/mortgage, Ct and utilities out. Then close the old account if possible.

http://www.moneymadeclear.fsa.gov.uk...k_accounts.pdf
This is a link to all different basic accounts - the key is to have one unrelated to an organisation that you have any debts with.

Deep_In_Debt

Co-op and Barclays are both BR friendly so you should have no problem with either of their basic accounts. Barclays offer a full Visa debit card with their basic account - they even allowed my ex to have a basic account with them even when he was BR and Barclays were his biggest creditor!