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IVA 4 months in & bank accounts

in IVA & DRO
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becbecmbecbecm Forumite
24 Posts
Third Anniversary 10 Posts
Forumite
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? 

Replies

  • sourcratessourcrates Forumite
    25.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    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.
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay for a Debt Management Plan.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • becbecmbecbecm Forumite
    24 Posts
    Third Anniversary 10 Posts
    Forumite
    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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