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IVA 4 months in & bank accounts

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becbecm
becbecm Posts: 24 Forumite
Third Anniversary 10 Posts
Hello,
Long story short, I started my IVA in January and now my finances are more settled I want to just have the one bank account not two. 

I have a standard NatWest select account (created for my IVA) however I banked with HSBC for 16 years plus, of course HSBC closed my accounts down as they are my main creditor but allowed me to keep a basic account open with them. 

My question is now I’m formally in the IVA can HSBC use the right to offset still? 

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  • sourcrates
    sourcrates Posts: 31,557 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    No, in a nutshell, you are legally protected from any further action by the terms and conditions of your insolvency.

    However that may not stop them from doing it, best advice is never bank where you have debts.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • becbecm
    becbecm Posts: 24 Forumite
    Third Anniversary 10 Posts
    No, in a nutshell, you are legally protected from any further action by the terms and conditions of your insolvency.

    However that may not stop them from doing it, best advice is never bank where you have debts.
    Thank you, I have asked them if they will put it in writing for me about this. If not then I will just stick to using the HSBC basic as a buffer account and NatWest as main like I am now. 
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