IVA Question
Will I have to close my bank account ?
If you have debts with your bank, they can take money from where your wages are paid into, whether you can afford it or not. This is called the Right To Offset. Such debts can be in the form of an overdraft, credit card balence or personal loan.
Therefore you must arrange new banking facilities before embarking on an IVA if your current bank holds some of the debt that is to be placed in the IVA.
People entering into an IVA normal already have some adverse credit history and find it difficult to getting an application to open a conventional bank accepted. In that case you need to open a non-credit bearing basic account. As an IVA is a private matter, your new bank does not need to about your IVA. We can advise you further on this matter.