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angelaj40
Starting Member
1 Posts |
 Posted - 07 June 2009 : 10:49:40
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Because my IVA has failed (after 1/2 years) it looks almost certain that I will have to declare myself bankrupt, I am self-employed and need a bank account, is it advisable to open a cash-only account with another bank now. I currently bank with natwest and have a small overdraft which, depending on the month can be anything from zero to £1500 overdrawn, if at the time of bankrupscy I owe Natwest nothing would they let me keep my bank account - obviously without the overdraft facility or debit card etc. My relationship with them has been good.
My IVA has failed because I set it too high initially and because my income (as a selfemployed complementary health & beautician) has dramatically fallen - in the most recent months. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 07 June 2009 : 11:04:49
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Hi,
Sorry to hear that your IVA has failed.
If you owe them nothing, as long as you cancel any overdraft facility, then you may be ok.
To be on the safe side though, I would open another bank account with someone like the Co-op who are both BR and IVA friendly.
The glimmer gets brighter all the time
Jan
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frosie90
Junior Member
285 Posts |
Posted - 07 June 2009 : 14:08:36
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| Hi. I have NatWest Step account which I opened about 2 months prior to BR as I was originally planning to do an IVA. The Step account has a debit card but no overdraft facility. I detailed the account on my SOA but the Judge said it was unlikely that any interest would be paid in the account. I went BR on 7th April and went into NatWest to tell them, they said should not be a problem and am still using the account with no problems. If you are honest with the bank they may just change the account to a Step Account. Like Jan has said, though, it may be wise to open a Co-op just in case. |
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Because my IVA has failed (after 1/2 years)
