Bank accounts IVA

Changing bank accounts for an IVA can be one of the biggest mental hurdles when applying for an IVA. Many people have had the same bank account for many years and often know the staff in the bank they use. The thought of changing the bank account they have had for a long time takes some getting used to.

It is however essential to do this if the account in question forms part of your total debt because an IVA can only be accepted if it covers your total debt including overdrafts. At myIVA-Adviser.com we have written an article called:

"Do I need to open a new bank account for my IVA?"

which explains how and why you need to change your bank account. If you need more information about IVAs and bank accounts call 0800 088 7503 and speak to one of our advisers or leave your details at our quick contact page so that we can call you back.

• Individual Voluntary Arrangements
• IVA Debt