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HI all First Direct rang today to give 28 days notice on foreclosure of my current account because I have entered into an IVA. I don't have any debts associated with them it is just there policy.......

 

Question is, is there a bank account available to me where I can withdraw money on switch/debit card at all switch machines and will I get a £500 O/D facility which is useful and if used cleared off every month??

 

Look forward to any advice.........

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Am looking for info,but found this,hope it explains why bank closes accounts,

IVAs and Bank Accounts

Whilst your IVA proposals are being prepared, you may be asked to change bank accounts. This is because the banks have something called the "Right to Off-Set" which entitles them to remove money from your bank account to "off-set" against unsecured borrowings you may have with a 'linked' account such as a personal loan and/or credit card.

With a number of the large banks merging over the last 20 years, it can be confusing to know if companies are linked, so we have detailed the main ones and their subsidiaries here (Linked Creditors).

By opening a new basic bank account and using a company with whom you have no financial ties, you can ensure that your income will be safe.

If you already have an independent bank account, with no borrowings or overdraft facility, it should not be necessary to change

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I dont know if you will find overdrafts easily available but maybe this advice on accounts may help PAYE / Employed Individuals - What about my banking options? Keep reading about people doing ok with the CO-OP bank.

Edited by tawnyowl

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The co-op bank will most like let you open an account but they will not give you an overdraft or c/c or cheque book. They will give you an electron card which you can use over the internet and at cash machines. You have to go into the bank to open one.

 

The Halifax if you have no account with them or any that are linked to them have an easy account, you can open online. It provides a basic card allowing you buy on line, in shops or draw at cash machines and offers cash back but no cheque book or c/c.

 

Nat West also do one but I don't know what its called but you have to go into the bank to open one.

 

You can get an o/d but the charges will be very excessive and you will really have to trawl through the banks to find one.

 

DG:)


I have no legal training my knowledge comes from my personal life experiences

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Thanks to you all for the info you've been a great help.

 

Cheers

 

SQB

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