Opening current account before an IVA

A question about : Opening current account before an IVA

Hi all,

It looks like I will have no alternative but to go for an IVA, having recently taken an Ј11,000 pay cut.

Anyway, from reading Martin's advice I think I need to open a new current account before registering - some of the unsecured debt is with our current bank, where I hold a joint account with Mrs DeToy.

Although I have a high level of unsecured debt (duh!) I have no defaults, CCJs or late payments (yet) so I am thinking it should be not too difficult to get a new current account. I did just try opening a Nationwide flexaccount, but the application was cancelled as they said they couldn't help me - it might have been because I said I wasn't going to use it as my main current account?

Any advice would be appreciated.

Best answers:

• Hi
  I think our first concern would be that you have taken advice from a debt charity https://www.moneysavingexpert.com/loa...an#help before deciding to do an IVA.
  See Martin's Guide https://www.moneysavingexpert.com/loa...-iva-guide.pdf
  We are not terribly keen on them because we encounter so many people going bankrupt when their IVA fails.
• Yikes.
  I'll make an appointment with somebody first then. Thanks for the advice.