IVA Bank Account

An Individual Voluntary Arrangement will affect your current financial status, which means you may be wondering about things such as a bank account in an IVA.

It is likely that you will have to change to a ‘basic bank account’. Once you enter into an IVA you are not supposed to incur any further debt so a basic bank account will not offer any type of lending facility, such as an overdraft.

The only circumstances where you should not need to change bank accounts is where you do not owe them any money. If you are overdrawn on your current account you will be able to include this in your IVA proposal, which means that you will have to open a new IVA bank account.

Some financial houses are associated with each other so it is best to do your research first, or contact our team of advisors about a potential IVA bank account. We could offer you a bank account with one of our affiliates which means you won't get your IVA bank account application rejected. As long as we have proof of address, you are guaranteed to get accepted for a bank account, no matter what your credit history.

This can be a relief to many who thought they would automatically be rejected for a bank account once they enter into an IVA. Even if you are thinking about debt management or bankruptcy, this type of bank account could be a good idea. You do not have to worry about overspending as you will not have that option but you will still be able to pay your wages into the account and have a cash card which you can use like a normal debit card account.

For further information about an IVA bank account, please contact one of our advisors on freephone 0800 048 1766 or fill out the Quick Enquiry form and we will call you back with more details.