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A few questions about an IVA

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Hi

I wonder if someone could answer a few questions about an IVA.

I phoned the national debtline last night and the very nice chap went through our options with us and is sending out a pack about IVA's etc He advised us to stop paying our Unsecured debts right away as it's got to that stage and said we should open up a bank account ASAP and get any wages etc paid in to that one.

Looking on this website it advises Co-Op and Barclays as 2 accounts to open. Co-Op not really an option as the branch is 60-70 miles away so Barclays seems to be the best bet.

My question is I have 2 Barclaycards and my wife has 1 would they be able to take our money from this account to pay the debt before I manage to get the IVA set up?

Or can anyone else recommened another bank?

Thanks a lot

Comments

  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
    Hi. If you have debt with Barclays then that would be a no no. Even if they didn't offset they might well leave you high and dry by simply closing the account on you. No branches for a Co-Op cashminder is no problem. You get excellent online facilities a visa debit card and can pay in at the post office.

    Otherwise Nat West has good reviews, if you have no debt with that group. Avoid HSBC and First Direct like the plague ... very IVA intolerant !
  • crazybeats
    crazybeats Posts: 46 Forumite
    Hi thanks a lot for the reply.

    The Co-Op might be ok then. I wasn't aware you could pay in to the post office!

    Thanks again
  • crazybeats
    crazybeats Posts: 46 Forumite
    Hi sorry I forgot my 2nd question!!!!!

    I have a joint savings account with my 13 year old daughter. What is the best course of action here? Should I close the account down or get my name taken off it? She only has around £50 in savings from pocket money but I'd hate for the bank to take that.

    Thanks
  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
    Is it a joint account -- or is it your daughter's account with you as trustee ? And is it with any of your creditors ?

    If not with a creditor and you are trustee then there will be no problem. Even if with a creditor they should not touch it -- but I didn't take the risk and opened a new account for my son with Swinton Building Society. Also have a look at Yorkshire Building Society.
  • We are in the process of getting an IVA and have opened an account with the Coop. You can access your account on line and also pay in etc at the post office so its not an issue if there's no branch nearby. So far they have been very good and made the transfer ok.
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