Can a bank cancel an account because of an IVA?

nykied

I recently entered into an IVA and now First Direct have called and said that they're giving me 60 days and then they'll close my bank account. Can they do this? They say it's in their T&Cs but I wasn't aware of it.

And how difficult is it to open a new bank account with an IVA?

debtfree2016

Hi there

I have spent some some looking on this forum and found that the Co-op bank is mentioned as IVA freindly. Sorry I can't answer the cancelling of the account part of the question.
Good luck.

FoggyBrain_2

Hi -- in a word, yes! First Direct are renowned for doing this. Your best bets for accounts are Co-op Cashminder, Barclays basic account or the Yorkshire Building Society (Cash Transactor). As long as you stick to BASIC accounts there should be no problem with these.

nykied

Thanks, I was thinking of giving it a go, but as it's an account that both me and my OH pay into, which all the DDs for bills etc then go out of, I think we've decided that he'll open an account in his name. The FD one was in my name only, so it doesn't make much of a difference really.