Can I have a bank account if I am in an IVA?
 
An Individual Voluntary Arrangement will not prevent you from holding a bank account but you are strongly discouraged from incurring any further debt when you are under the terms of the IVA agreement. That means; no overdraft facility, no cheque book, no credit of any kind.

This limited service is referred to as a basic bank account and for anyone considering the Individual Voluntary Arrangement as a solution to their debt problems, it�s the smartest option. So, open a basic bank account with a provider that�s not on the list of outstanding creditors stated in your IVA. This bank account will allow you to pay in your wages, state pension or other benefits; make cash withdrawals and uphold some direct debits. However, there will be no overdraft facility or other access to credit.

If you are concerned with overspending and looking to impose a level of control, a basic bank account has the added appeal of limiting your spending to only what�s in your account. Obviously, as you�re able to set up some direct debits, you have to stay on top of the situation and take more control over your finances. As you don�t have any overdraft facility, if there isn�t enough money in your account to cover any direct debits, you�ll fail to meet the payments and be charged.

The basic bank account was developed in response to a government initiative that aims to help all those who would struggle to open a normal bank account have access to banking facilities. Tackling your debt with an Individual Voluntary Arrangement should not prevent you from having access to these facilities either. So, those with an IVA can hold on to their current account but it might be more suitable to switch to a basic bank account.

Do you qualify for an IVA?

For more information see:
IVA Helpline




 
 
     

 

 
Action Bar

IVA help ForumThe IVA Forum: Top 30 Hot Topics
 
Active Topics on IVA Forum
Freedom from Insolvency Register (by: bethany)
Order against the house (by: george213)
Aperture IVA closure (by: patf1)
Failed IVA and register (by: ronald723)
Buying a property post IVA (by: Amy.j)
Keeping a car whilst in an IVA (by: tony741)
Can I sell my house whilst waiting for completion certificate? (by: Mark.56)
Has my IVA finished? (by: iain200)
Wife looking for work (by: ez)
IVA company want me to pay 6000, what can I do (by: sarah765)
Is there a way I can find out who was included in a old IVA? (by: GaynorP)
Can I stop my IVA and go Bankrupt? (by: coni)
Will our IVA fail or be extended? (by: ian422)
Does PPI go to IVA company if IVA completed 4 years ago? (by: jacob)
Why is my name still on the insolvency register? (by: anthony)
Is an IVA a possibility with all these complications (by: Mhutley)
Mortgage statement request (by: rebecca840)
annual review online? (by: TripleDM)
Reversing an IVA (by: Brock)
F&F accepted (by: Shelly30)
Hi. After 5 years be are about (by: einir)
Finish IVA with a lump sum? (by: wendy887)
Bonuses problem (by: mark955)
Are NTF proper IVA company (by: lee476)
A few things really... help needed (by: tasha_shero33)
Will an IVA affect a Visa application? (by: jessica419)
Is my IVA Completed?? (by: perry)
Further payment after IVA finished (by: msr)
Ill advised by IP (by: john754)
Turning self employed mid year after my apprenticeship?? (by: MrBT96)
Forum BrowseForum JoinForum Search

Free Debt Guides
FREE useful guides!