We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Cancellation IVA

Becky0101
Becky0101 Posts: 4 Newbie
in Bankruptcy & living with it
Hi

Can anyone help. I am in an IVA but was never told that this meant Bankruptcy on your credit file and got such a shock when I was turned down for a basic account just for bills. I was eligible because I was unemployed but am now working full time and would rather have a debit management plan. What is the process for cancelling does anyone know please?

Thanks

Comments

  • LTP123
    LTP123 Posts: 136
    Tenth Anniversary Combo Breaker
    Forumite
    You would need to miss three months payments for the IVA to fail.
  • pillowwillow
    pillowwillow Posts: 2 Newbie
    or settle the IVA
  • Ineedaname
    Ineedaname Posts: 3,681
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    Or try Barclays or Co-Op basic account because they are both BR friendly so should be IVA friendly too.

    If you can continue to afford the IVA then there's no reason to 'fail' it just because you got turned down for a bank account. Won't make life any easier.
    When I joined, I needed a name. The forum members gave one to me...I am INAN :D
    "Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.7K Banking & Borrowing
  • 254.9K Reduce Debt & Boost Income
  • 456.1K Spending & Discounts
  • 248.3K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 179K Life & Family
  • 263.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture