Cheque book question

SunshineBear

Posted over there but maybe over here can help.

https://forums.moneysavingexpert.com/discussion/3171436

Ineedaname

You are certainly not allowed a cheque book whilst BR, don't know about IVA. But if they have asked you for it then you should destroy and submit it to them.

SunshineBear

I'm not sure if they mean for the named banks in the IVA or the other one we have had no issue with.

Ineedaname

How is it worded on the form? Does it say ALL cheque books and credit cards? They won't make allowances for certain accounts I'm sure, it's usually about only allowing one account for day to day living. For BR that means a BR friendly basic account and neither the Barclays or Co-op allow a cheque book on those accounts.

Like I said, I don't know if it's the same restrictions for IVA, but if you've been asked for ALL cheque books and credit cards to be destroyed then it means ALL.

Of course, you could always ring and ask your IP for the definitive answer on this consdering you run your business through this account and may need to pay bills by cheque. But you can always use direct bank transfer to pay bills these days so a cheque book is not a necessity.

I think it's mostly about preventing you from writing cheques you cannot fund.

SunshineBear

I did phone them in the end.

As it's an IVA they say that the chequebooks are fine as long as their are no overdrafts. The point of the IVA is to enable me to run a business with a business account hence not BRcy.

kepar

That is a laugh really because a cheque is credit, so you could go overdrawn.

Ineedaname

Exactly my thoughts Kepar, but IVA rules are different to BR which is why I suggested the OP ring up in the end.