Your existing bank account typically remains open and functional during debt review. You can still receive your salary and make normal transactions.
However, there are some restrictions:
• You CANNOT access overdraft facilities
• Credit cards linked to the account will be frozen
• Your salary will be deposited normally
• You can make payments and transfers as usual
Tips for managing your bank account during debt review:
• Open a new savings account for your emergency fund
• Ensure your debt review payment goes off early in the month
• Set up debit orders for essential expenses
• Keep sufficient funds for PDA payments
If you have debt with your bank, discuss options with your debt counsellor as some banks may request to close accounts (which can often be negotiated).