IVA Advice reagrding Bank Accounts please.

hunty3 · 23 November 2008 at 8:49AM

I have an overdraft with the Abbey thats going to form part of a IVA I also have a current account with the Alliance & Leics, no overdraft just debit card and cheque book.

As they are both part of the Santander group, are they likely to freeze my Alliance account, even though this is not part of the IVA?

Thanks

trudij · 23 November 2008 at 10:21AM

When I set mine up (just over 3 years ago!) I was told they were only interested in any accounts with a debt/overdraft, so I was fine keeping the two accounts (one with a chequebook, the other a Nationwide flexaccount) they just arent interested in eiter of them cos they arent ever going to have a debt on them.

So Id have my doubts that they will freeze yout A*L account, but it may be worth you starting a flex account or similar just to make certain.

sorry Ive probably not helped you much, but Im sure someone else will be along soon who can!!

hunty3 · 23 November 2008 at 10:38AM

Thanks, I think I will set up a 'new' account just in case. I am just worried that Abbey and Alliance are now part of the same group.

hunty3 · 25 November 2008 at 3:14AM

Anyone else have any thoughts\experience with this matter please?

nokia1792 · 25 November 2008 at 11:20AM

Hi,

The IVA company that you use should of told you what account/s that will not be part of the IVA, my wife and I are 2 3/4 years into our IVA and we were able to use all account's that were not listed on the IVA, we both had current account's with IF.com which is part of the Halifax grp which we had a savings and a cash card account with them.

We went to Halifax and opened a current account with them + we got a debit card and an overdraft, we done this before the IVA went to court.

Just by change i applied for a Basic current account with Abbey last week as it offers a Visa Electron card (to use it for Ryanair flights free) but the Abbey turned me down - they said my credit sore was to low but would not go into detail.

So what i'm saying is please open all the accounts you think you would need over the next 5 years as you won't get them once you enter into the IVA.

Good luck.

C

hunty3 · 25 November 2008 at 12:17PM

Hi, my IVA officer was sure the A&L account would be okay as it is not on the IVA, but I think he was adopting a safety first approach.

cheapround · 26 November 2008 at 10:58PM

I am also in the same situation. I opened a new account with First Direct, not realising they are part of Marbles! (via HFC, HSBC and then First Direct!)and was told to open another account, which I did with N&P but its so basic I would have to get cash out of the cashpoint to get petrol and shopping etc, although I understand I should not have credit, I don't see my existing account as being credit as we have no overdraft??
My First Direct account is great, I can set up saving accounts linked to it so we budget so much better now and I can access it via the internet which mean I have much more control over it.
My IVA provider said they had never heard of a creditor freezing a bank account like this but to open another account to be on the safe side.
I am tempted to keep my exisiting account running as normal?

pennypinching_2 · 27 November 2008 at 5:54PM

When I went into my IVA I was told to open a basic account, I would really struggle without a cheque book. So I opened a normal account with another bank before the IVA was agreed.

I had four accounts with barclays but only one had an overdraft and I now only get statements for the other three, so I think you will be ok.

bubblesqueak · 28 November 2008 at 2:54PM

My husband and I went into an IVA 3.5 yrs ago and we were told by our Advisers to open an acct that was in no way linked to be on the safe side and also that it didn't have access to credit i.e. overdraft. However, be careful about savings accts. We were told that we couldnt have a savings acct as the interest is deamed as income. If any of your accts are linked to a parent company, they may see interest coming in on savings. Having said that, I completed my IVA 12M ago and recently found that one of my creditors hasn't closed the savings acct I had with them and it still has about 50p in it. I think I personally would er on the side of caution. Coop does a good acct with a debit card that you can open even if bankrupt. (Sorry if I'm not supposed to say something like that, I'm new to this.Is it classed as advertising. I don't work for them!!)

IVA Advice reagrding Bank Accounts please.

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