Will I lose a co-op current account after IVA accepted??

getdebtfree

Hi all

Just wondered is it worth applying for co-op current account rather than the basic account?

or will I lose it after the IVA starts?

I need to get a bank account asap...

cheers

marcus

getdebtfree

I thinking I would like a cheque book is it worth going for current accounts or will they be cancelled after I take the IVA out?

Als is a HSBC account ok to take it if I have debts with the creditors below??

My debts are with

Abbeynational
Barclaycard
Post Office credit card
Argos
Bank Of scotland
MBNA
DFS

marcus

Max_Maxwell

Principal conditions of an IVA are that you cannot have credit facilities available to you. A current account invariably comes with an overdraft although you could state you do not require one. Cheques, however, are viewed as a form of credit and not usually permitted.

Why do you need a cheque book?

getdebtfree

Max_Maxwell wrote: »

Principal conditions of an IVA are that you cannot have credit facilities available to you. A current account invariably comes with an overdraft although you could state you do not require one. Cheques, however, are viewed as a form of credit and not usually permitted.

Why do you need a cheque book?

hi we often have to pay for school trips etc with cheque so guess have to pay cash instead...

although I guess with a basic account I can still do card payments...

im looking at natwest and HSBC basic accounts hope they dont conflict with my current creditors??

can you please advize

cheers

marcus

Max_Maxwell

A basic account will provide you with a debit card and facilities for DDs/SOs and funds transfers. I haven't had a cheque book for 3 years and can't think of on occasion when it's been a problem. I appreciate that paying for a school trip would more easily be done by cheque but paying by cash is a work around.

I don't know if your bank account prospects conflict with any of your creditors.

getdebtfree

Max_Maxwell wrote: »

A basic account will provide you with a debit card and facilities for DDs/SOs and funds transfers. I haven't had a cheque book for 3 years and can't think of on occasion when it's been a problem. I appreciate that paying for a school trip would more easily be done by cheque but paying by cash is a work around.

I don't know if your bank account prospects conflict with any of your creditors.

Thanks I hope I can work around it

I have debts as below

My debts are with

Abbeynational
Barclaycard
Post Office credit card
Argos
Bank Of scotland
MBNA
DFS

I am hoping I can go with natwest and HSBC I cant find if they are attached to my creditors above..

FiatFan_2

Having had a wee search I think these are right,

Abbeynational - Santander
Barclaycard - Barclays
Post Office credit card - Bank of Ireland
Argos - Home Retail Group Card Services Limited
Bank Of scotland - Bank of Scotland
MBNA - MBNA Europe Bank Limited and/or Bank of America
DFS - Could be anyone, determined at time of application

Based on that, doubt they'll clash. We ditched our First Direct account in favour of a Nationwide basic account pre-iva. Not sure how NatWest (RBS) or HSBC would be with pre-iva cases, would First Direct not be an option? owned by HSBC but far better customer service, having dealt with both recently

getdebtfree

Maybe I will go with first direct, and co-op...

not sure which one I should pay wages into though. and the other account use for overspill.

need to open one asap

marcus

Gimpsdad

The Co-Op Cashminder is undoubtedly the best account of its type on the market, and they will not bat an eyelid about you entering into an IVA either.

fcwalker

First Direct will close your account (without warning) if they find out you are in an IVA

getdebtfree

fcwalker wrote: »

First Direct will close your account (without warning) if they find out you are in an IVA

Yes I read that,

I am off to get my account at co-op although im sure I read of people having trouble there..

Also need to find another bank account to open..

stress