Quick question about IVAs

thewinemerchant

Hello all,

Just a quick question (I'm new here, so be gentle!).

I'm in the process of setting up an IVA. I opened a basic bank account with the Co-Operative in preparation for all this, and my salary is credited here.

However, my question relates to 2 other "proper" bank accounts with Santander and Nationwide that I use to pay bills, etc. I have no debts with either of them, and cancelled any overdrafts on these accounts. If my IVA is accepted, are they likely to close these accounts or can I still hold on to them? (They really help with the budgeting process)



Also, any help/advice/words of encouragement RE: getting the IVA sorted would be gratefully received - I haven't slept properly in months and the creditor's meeting has been set at the end of September so I'm nervously awaiting the outcome.

Thank you in advance!
- TWM

FoggyBrain_2

Hi There. AFAIK as long as none of your creditors are in the same Groups as Nationwide or Santander you should be OK to keep the accounts running, but without an overdraft facility. One of my creditors was Halifax and my account with them is dormant, but still open, with a tenner there, just to see what happens.

There is a probablility that you will get hassling phone calls from your creditors as soon as they miss payments from you. You can either ignore them or do as I did and listen to their little scripted speeches, then simply tell them you are arranging an IVA, give them the IP's details and terminate the call. For once, YOU are in charge! Don't get into any discussion and don't listen to anything they tell you about making payments.

Hang in there, it will soon calm down once the iVA is accepted. Might I ask who you are with ?

thewinemerchant

Thanks FoggyBrain.

As soon as I started the process I followed my insolvency practitioner's advice and made proportional payments to creditors based on my disposable income so I've spoken to them all now so the calls have stopped for the time being.

It's been a hellish journey so far, but the end is in sight!