Off-setting question

beck1991

Hi does anyone know if there is a connection between the yorkshire building society & the natwest bank? I have opened a safe bank account but I have some small savings with ybs. I noticed something online about them using a natwest sortcode and it has paniced me a bit :eek:

debtfree2016

Hi Beck1991
I was under the impression that the Yorkishire Builing Society is not connected to anything. What you could you is contact the IVA caompany you plan to use and ask them if there is any links they will have a yes or no on this. You may also wish to discuss with them any savings you have as the could play apart in your IVA?

beck1991

Yes will do thanks, ps by savings I mean about £80 I've put aside for emergencies, nothing worthy of a swiss bank account sadly lol

debtfree2016

Hi Beck1991

I would still maybe think about taking the money out and put where it can't be seen, if you have surplus cash you may find they will come after it, you could just leave a couple of £, see what your IVA company say.
Godo luck

debtfree2016

Hi Beck1991

Just to clarify i spoke to my IP last night and asked a question regardings savings accounts? i was advised the creditors don't like you to have them. I would say draw the funds and keep the account open with the minimum amount to do so.

Good luck

fermi

debtfree2016 wrote: »

I was under the impression that the Yorkishire Builing Society is not connected to anything.

I think YBS is actually one of the few mutuals left?

By definition, that would mean they are not connected to anyone in a way that would allow set-off to be applied.

beck1991

debtfree2016 wrote: »

Hi Beck1991

Just to clarify i spoke to my IP last night and asked a question regardings savings accounts? i was advised the creditors don't like you to have them. I would say draw the funds and keep the account open with the minimum amount to do so.

Good luck

Thanks for this debtfree I'll deal with that tomorrow 1st thing

FoggyBrain_2

debtfree2016 wrote: »

Hi Beck1991

Just to clarify i spoke to my IP last night and asked a question regardings savings accounts? i was advised the creditors don't like you to have them. I would say draw the funds and keep the account open with the minimum amount to do so.

Good luck

Most IP's I have spoken to encourage a savings account. After all, anything you do save from your allowances is yours to do with what you will, along with your share of overtime and bonus payments, and making savings is good financial sense.

YBS should be safe -- they use the Natwest as their own clearing bank, as far as I understand, but their relationship is that of bank and client.