IVA advice

Goldfish10_2

Hi, I have just completed my first year of IVA and have found this last year to be very difficult, My IVA company were so good to me when i first started but now just throw the rule book at me. Cost of living has gone up, my son has started senior school, I just cant seem to save any money for those emergancies, I am considering going Bankrupt and want to know if this will affect my bank accounts as this is where my salary goes into. I am with Natwest and it is only a standard debit card and have no debt attached to it. Will I lose this account? If yes, what do I do then?
Thank you in advance for the advice.

skylight

Yes, you will probably lose the account.

However you can open a new account with the Co-Op; a Cashminder. Its online banking with a debit card etc just no overdraft facilities or cheque book. Get that up and running with your money being paid into it before you declare BR.

*If* Natwest allow you to keep the account (I was a lucky one and kept my Step account but this is not usual; is yours a standard or a Step?) then the best is you have 2 current accounts with them both reflecting your accoutn conduct to your credit file.

Goldfish10_2

Hi,

Thanks for your advice. Its a step account.

skylight

You may be lucky with a Step but you may not. More likely that it will be closed so get the second account open and running just in case. If you get to keep the Step then you can swap it all back over at a later date (I did that; even have a small savings account with them now).