IVA - New Bank Account.

KatieTipton

Hi
I am in the process of applying for an IVA and my paperwork is currently with the drafters.
I took the advice of many and opened a new current plus bank account. This was done with Natwest and has no cheque book or overdraft, just a debit card.
I thought Natwest would be away from my current credititors but I have just noticed that they are part of the Royal Bank Of Scotland. Going into my IVA are Northern Rock, Virgin credit card, Bank of Scotland One credit card, Next catalogue, Additions/Very catalogue and Santander for my overdraft where my previously used current account was.

I am now worried about this because I don't want Bank of Scotland taking my wages from Natwest when they realise i'm in an IVA(if it goes through!).
I have also read a recent forum report from someone who went into an IVA, opened a standard bank account with Natwest and then a year later they found out he was in an IVA and froze his bank account for days!

Could someone advise me please.
Thanks

FoggyBrain_2

Hi. Nat west are part of the ROYAL Bank of Scotland Group (RBS). Bank of Scotland (BoS) are a different entity.

Lizzy from Payplan has a useful guide of interlinked companies on her blog at:
http://www.payplan.com/debt-news/2011/01/20/right-to-offset/

KatieTipton

Thanks very much.
So I should be ok then? As in they are not linked?

KatieTipton

Sorry to be a pain! I have just looked at the bank account list. I forgot to mention that also going into the IVA is a Tesco personal loan.
I notice from the list that under the heading 'Royal Bank Of Scotland Group', along with my new bank account with Natwest, is also Tesco Personal Finance. Does this mean that Tesco could apply this right to offset and take my money?
Thanks

jen245

Natwest are nothing to do with HBOS (Halifax & Bank of Scotland), so you will be fine. Good luck with you IVA :T

jen245

I believe Tesco Bank is operating independently of RBS now

FoggyBrain_2

In theory - yes. Although I have yet to see it happen. Have you tried the Co-op Cashminder account ?

(One thing I have just noticed in Lizzy's list -- she has separated Lloyds TSB and HBOS -- I thought they were the same group ??)

Payplan_company_representative

FoggyBrain wrote: »

In theory - yes. Although I have yet to see it happen. Have you tried the Co-op Cashminder account ?

(One thing I have just noticed in Lizzy's list -- she has separated Lloyds TSB and HBOS -- I thought they were the same group ??)

Although they are part of the same group now, as far as I am aware they cannot currently apply the RTO.

FoggyBrain_2

Thank you Lizzy :0)

smartiedriver_2

Hi, you'd probably be best opening a basic bank account. That way it can remain open for the duration of the IVA and you will have no concerns about it being frozen/closed once the IVA is agreed.

Good luck!

the_bright_side

I have Natwest = all good