IVA and bank account

andrewdone66

me and my wife are in the process of setting up a IVA and been told to set up a bank account.

We have been to natwest today and set up a gold advantage account all went OK and i presume we passed the computer test.

We had no overdraft on it.

We choose this as it had mobile phone insurance on it and also break down cover which we will both use.

Is this OK for a IVA bank account as we have no overdraft on it.

FoggyBrain_2

As long as none of your creditors are linked to Natwest, it should be OK.

angel_rainbow

Your chosen bank cannot be associated with any of your creditors and usually they are the very basic ones. As long as it has no overdraft and they are not one of your creditors you should be OK.

Max_Maxwell

I believe accounts that provide cheque books are not permitted as cheques are deemed to be a form of credit.

I'm sure someone will correct me if I am wrong...

FoggyBrain_2

I don't think they are a form of credit, any more than a debit card is. If the money isn't there, they bounce.

phild145

I am into the 4th year of my IVA before I took it out I opened a Natwest Gold Account which has been my main account throughout.

As long as you have no debts with them then you should be alright

milliemonster

Max_Maxwell wrote: »

I believe accounts that provide cheque books are not permitted as cheques are deemed to be a form of credit.

I'm sure someone will correct me if I am wrong...

happy to correct you, I have a Lloyds current account with cheque book, refused the overdraft and it's absolutely fine to have a cheque book in an IVA.

The key thing is to get your account set up before your credit file takes a battering