IVA 4 months in & bank accounts 29 April 2021 at 9:57PM in IVA & DRO 2 replies 101 views

becbecm

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? 

sourcrates

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.

becbecm

sourcrates said:

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.