An IVA doesn’t directly have an effect on your bank account, however if you owe your bank money through overdraft, loans, or credit cards, the bank has something called The Right of Set Off which allows your bank or other financial institution to take money automatically out of your current account to pay off other debts you may have with them, without specific permission off you. This means that we often ask people to move bank accounts, this is a straightforward process nowadays, and the new bank will automatically contact everyone and transfer your direct debits.