IVA : Basic Bank Accounts With An Individual Voluntary Arrangement (IVA)

There is a possibility that a person who is going to propose an Individual Voluntary Arrangement (IVA) to their creditors will need to open a new bank account, and normally, the sooner the better.

If you are not sure whether you will need to open a new basic bank account for your Individual Voluntary Arrangement (IVA), read this article first.

The thought of having to open a new basic bank account can be a daunting prospect for someone who is feeling financially vulnerable.

So, to help you, myIVA-Adviser.com suggests you follow this link for information on the types basic bank accounts available, their names and the different restrictions on each.

At the bottom of the British Banking Association's article is a download for the FSA basic accounts table which contains the full list.

Remember, you should only use a bank or building society that you do not owe any money to, and not a bank or building society that maybe listed in your Individual Voluntary Arrangement (IVA) creditors list.

For more information on IVAs call myIVA-Adviser.com and speak with one of our IVA specialists on 0800 088 7503, anytime.

• IVA Information