IVA Bank Account help please

Flipped27

Hi - we have started the ball rolling with an IVA, opened cashminder accounts etc

BUT we have an alliance and leicester joint account, DH has a santander cc that will be in with the IVA - will we need to close this account? Can i ask for his name to be taken off or will it mean, as its a joint IVA, that its a bad idea?

Kids being nightmare so sorry for quick post!!!

Flipped

Flipped27

Bump!! Anyone?!

armistice

I would'nt suggest you close the account but I would transfer all the monies to your safe account (which I presume is the cashminder). Cancel any Direct debits / standing orders etc and set up any important ones (rent / mortgage / utilities etc) on the safe account.
Its better to be safe than sorry as its not unheard of banks clearing out unrelated accounts (held at the same bank) to reduce debts once they know your planning an IVA.

I wouldn't close the account as it could be useful once the IVA is agreed if you keep it in good order.

Hope that helps, keep your money safe so you decide where it gets paid.

trudij

I dont know that Id have any dealings with a bank that I had in an IVA - cant they transfer your savings wherever they want pretty much ??

If it was me (well - actually it was about 4.5 years ago!) Id get them into another safe account - the Co-op do one I think, Im with Nationwide (who incidentally are ditching their cashcard, and making it a debit card ( I think - certainlly one that can be used online!) in a couple of months which I know I will find useful!!)

keep it safe - you never know when you will need it !!!

cheapround

Hi, we kept our First Direct bank account up and running, but opened Norwich & Peterborough accounts in case. Unfortunately, after about 3 months we had a letter from First Direct advising that they did not want us as customers anymore as they had found out about the IVA (not sure how and we had no bad debt with them and our account was always in credit with them). This was disappointing as their on line banking is fantastic and actually helped us budget really well!

I would imagine that they would close your account so I would put the money in your cashbuilder account.
Hope this helps

drymartini64

It is difficult if you already have an IVA. If you have not yet got that far, GET one now before the net closes. The rubbish about everyone can have a bank account is untrue. The BBA and Millipede both lied. You will get one if your current circumstances are not on the board yet, but only a basic as far as my experience goes.

drymartini64

I was with First Direct. I was advised to open a new account before FD swallowed all my money as it went in. THIS will happen if you owe your own particular bank any money.

drymartini64

With regards to Trudidj. I do not think Nationwide are changing all of them. I moved to Nationwide when I had to get another account. For over 4 years I have tried to get a Debit Card and they would not give me one even though I no longer owe any money anywhere. And 4 other banks refused me a new account as previously mentioned. Ironically Nationwide are now switching mine and a few 1000 others. I believe this is only becaus eof their new methods of trying to sweep people out of their Q`s. I personally have only used the counter once for money as I have no problem with an ATM. neither do I have a problem with not being able to get money out abroad with the new card. Again, because nationwide advertises that you can get money out free in Europe, they wish to stop some of it. I can work out roughly what money in cash I need abroad and we have two Fair FX cards for Euros so it is not a problem and they are the best value PAYG card. Santander may be the best free Debit card but most of us cannot get one. DO not rely on getting a Nationwide Debit Account if you have money troubles.

drymartini64

Armistice is exactly right. To cover some of my own, and his sayings. Get or use an existing account. Sort out all your utility bills etc and essentials and have them paid by DD from that account. THEN you will know exactly what you have left for food etc and what you have for non priority debts.

trudij

drymartini64 wrote: »

With regards to Trudidj. I do not think Nationwide are changing all of them. I moved to Nationwide when I had to get another account. For over 4 years I have tried to get a Debit Card and they would not give me one even though I no longer owe any money anywhere. And 4 other banks refused me a new account as previously mentioned. Ironically Nationwide are now switching mine and a few 1000 others. I believe this is only becaus eof their new methods of trying to sweep people out of their Q`s. I personally have only used the counter once for money as I have no problem with an ATM. neither do I have a problem with not being able to get money out abroad with the new card. Again, because nationwide advertises that you can get money out free in Europe, they wish to stop some of it. I can work out roughly what money in cash I need abroad and we have two Fair FX cards for Euros so it is not a problem and they are the best value PAYG card. Santander may be the best free Debit card but most of us cannot get one. DO not rely on getting a Nationwide Debit Account if you have money troubles.

Who knows. All I know is that my letter said that they were doing away with the cash card that goes with the flexaccount - and changing it to a debit card.

Its been a very good account for me through my IVA though - and I would recommend it to anyone who is in trouble.

Max_1066

First Direct closed my account as soon as they were advised about the DMP. Fortunately I'd already opened another current account beforehand with the Halifax. Very good account and came with a debit card.