In IVA but considering Bankcruptcy

loula81

Can anyone help with a few questions I have?

I'm currently in an IVA but struggling to keep up repayments and believe I have been mis-sold it as I wasn't told about all of the options available and I have no real assets....apart from my car.

Would I have to hand over my car if I went BR - worth approx £2500.00 - as I need this for work??

Would I be able to keep the basic bank account (no o/d) I have with Halifax (I got a basic one when went into IVA)?? And if it's frozen could I arrange for my wages to go into my partners account - I had an overdraft with Barclays and also claimed bank charges back - which I might add went straight to the IVA although im in financial difficulty!!!! - so dont think they'll give me an account!!

Would my employer find out automatically as I'm not in a financial job etc.??..

Hope someone who has been through it all can give me some help!!

Thanks

Deep_In_Debt

Hi

Can't help much I'm afraid but here is my penny's worth (would be 2 pennies worth but I'm skint!!!)

Generally, cars worth more than 2k are taken regardless of whether it's needed for work. This may be sold and you may be allowed some money back to buy something cheaper. Cars are a bit of a grey area though as I've read stories of people keeping expensive cars, but i would suggest to be prepared for the worst.

In terms of bank account, Hellifax are not BR friendly so it is likely that Hellifax will close it. Try Co-op or Barclays who are both BR friendly. Barclays will open a basic account for you even if you owed them money. You need to take in some form of id with you and be sure to say it's a basic account you want otherwise you may be rejected. Co-op are starting to reject accounts if you owed them money before BR.

employers may know as your tax code will change but if you don't work in an FSA regulated role, then I wouldn't worry too much.

I've not been through it but my ex OH has so I am only speaking from what I have learned so I could be completely wrong (apart from the bank account). My ex worked in Financial Services at the time too and kept his job as it was not FSA regulated.

dryliner1

loula81 wrote: »

Can anyone help with a few questions I have?

I'm currently in an IVA but struggling to keep up repayments and believe I have been mis-sold it as I wasn't told about all of the options available and I have no real assets....apart from my car.

Would I have to hand over my car if I went BR - worth approx £2500.00 - as I need this for work??

Would I be able to keep the basic bank account (no o/d) I have with Halifax (I got a basic one when went into IVA)?? And if it's frozen could I arrange for my wages to go into my partners account - I had an overdraft with Barclays and also claimed bank charges back - which I might add went straight to the IVA although im in financial difficulty!!!! - so dont think they'll give me an account!!

Would my employer find out automatically as I'm not in a financial job etc.??..

Hope someone who has been through it all can give me some help!!

Thanks

hi i went br in july and have just received letter from halifax saying they dont accept br accounts so have closed mine. i did owe them money though.im with co op and its been excellent