BANK ACCOUNT... PLEASE HELP QUICKLY...!

[RICKI]

Well, just as you think life's chugging along well, another problem comes along and bites you on the bum.....
Our IVA was accepted in August and in July(ish) we moved our bank account as advised from Natwest (one of our creditors) to First Direct. Everything's been great but today I've received a phone call to say that, because I'm in an IVA they're going to close our bank account IN 30 DAYS. I have full access to my money but what the hell do I do now? I've spoken to Debt Free Direct who advised me to try Royal Bank of Scotland or Natwest (even though I had debt with them, apparantly DFD do their banking thru Natwest so they may still give me a basic account). Has anyone out there got any more ideas who else would even think of giving me an account while i'm in an IVA?? I've got an appointment with RBS tomorrow morning to try to sort it out but as soon as I mentioned I had an IVA she said I may be declined. I'm panicking so much... what happens if I can't sort it out within 30 days?
Please can anyone out there help??
PLEASE.....
Erica. x

[Oliver]

Hello Ricki

Recently many of our clients have found that Barclays have been particularly helpful in setting up basic bank accounts for people who are entering IVAs.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[Skippy]

I can't believe First Direct are going to close your account. I tried to open an account with them last year and they said no.
I'd already opened a new bank account (with Lloyds TSB) before I even thought about the IVA so I have no personal experience, but from what I've read on here Abbey and Lloyds TSB are supposed to be quite good.
Good luck.

[Oliver]

Hello Ricki

Recently many of our clients have found that Barclays have been particularly helpful in setting up basic bank accounts for people who are entering IVAs.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[RICKI]

thanks so much for such swift responses yet again...
Yes, Skippy13, apparantly it's a recent clause in First Direct's accounts where they will have no dealings with people in IVAs which has come into effect within the last 2 months. I cannot believe it's happening really. The account has been running perfectly, no overdraft use, no problems at all yet they need to shut the account on 30th November. I have to withdraw the money before then or God knows what'll happen to it!
I'm crossing my fingers that RBS will accept my application tomorrow. If not, I'll try Barclays and if not, I've just spoken to Gregory Pennington who charge £25 set up fee and £8/month after that for the account. As long as you have proof of ID you're guaranteed to be accepted. I really don't want to pay for an account but I guess if I'm desperate (getting there quickly!) I'll have to do whatever it takes.
Thanks again and any other suggestions will be appreciated!
Erica. x

[bluebelle]

Ricki, I opened a basic with Abbey National. it does say on their website that they will accept people with poor credit ratings. I walked in and providing you have id they should open one there and then....if you say you want a basic they shouldn't do a credit check on you...they kept asking me why i didn't want to be considered for a current acount with debit card overdraft etc...i just said that i have split up from my partner hence i wanted to set up an account asap and had a few finances to sort out, they were fine and opened an account there and then and gave me the account number. One thing they did ask for though is a list of all my direct debits!

[freelili]

I JUST OPENED AN ACCOUNT WITH LLOYDS TSB TODAY. THEY DO A QUICK CREDIT CHECK AND THEN SAID I COULD HAVE A BASIC ACCOUNT I TOLD HER THAT I WAS HAVING FINANCIAL PROBLEMS AND SHE IT WAS FINE. I HAD MY ACCOUNT NUMBER THERE AND THEN. ITS BASIC JUST A CASH CARD, WHICH WILL BE WITH ME IN THREE DAYS, I AM ALSO SIGNED UP TO INTERNET BANKING.

LILY

[bluebelle]

I have internet banking with Abbey as well. Also if anyone has just got a basic with a cash card remember you can still get pre paid (pay as you go) credit cards to enable you to buy stuff over the phone, internet or normal day to shopping etc

[Dominic]

i too have an Abbey account, I qwalked in off the street and all they needed was my driving licence and passport and that wa that.

[RICKI]

Just a quick update...
As I said earlier, I'm seeing RBS tomorrow about the possibility of opening an account with them.
I've been on the FSA website (www.fsa.gov.uk/consumer) and found an excellent list of available 'basic bank accounts' which lists whether you can set up direct debits/standing orders, charges for unpaid direct debits,/standing orders and whether you can get a debit card. Personally, I prefer to pay for things by debit card rather than taking cash out as I find it saves me money... I hate taking £20 out the cashpoint if I'm only spending £10.99 because the change burns a big fat hole in my pocket!

From that list, I decided to call CoOperative Bank (Cashminder account) which allows a debit card and only charges £19.50 if a d/d or s/o payment isn't made due to insufficient funds (others charge anything up to £39.00). Apparently they'll decline the application if you have a record of fraud but the lad I spoke to said that an IVA isn't automatically declined.The application has been passed to someone to be checked (he said it's probably because I'm a new customer and they automatically check with a fraud detection agency) so I'm crossing my fingers that I'll get a resounding YES when I get the result in a couple of days' time.

In the meantime, I'll see what RBS has to say and I guess that if we do get accepted by RBS and Co-Operative I could cancel RBS (high charges and no debit card). And if I'm unsuccessful with both, I'll try Barclays and Abbey as you've all suggested.

I'll keep you up to date as soon as I know anything and thanks so much again for your help.

Erica. x

[scaredkez]

hi ricki just to let you know when i was told to open a new bank account i walked into lloyds tsb and asked for a basic account along with my husband, i said i didn't want any fancy account where i had to pay each month, i was given the account number straight away and a visa electron debit card arrived a few days later, so far i have had no problems fingers crossed and i didn't mention anything about entering an iva, i have had the account for 3 months now.
all they asked for was id and a current utility bill, hope this helps
scaredkez

[neverending]

Lots of great advice here.........its like "troops to the rescue".
You have a few options and you can always fall back on Gregory Pennington,I know you don,t like the thought of paying for your banking but I am with them and they are GREAT,
Regards

[jayne]

Hi I found that halifax were good although i applied before getting an iva; i applied for a basic account but was given an ac**** with a visa electron dd card. good luck x

[RICKI]

Thanks again for all your help and advice! I've spent a very sleepless night worrying about this but I'll see RBS in 3 hours then I'll have an idea of what I'm dealing with. Ideally, I'd prefer the CoOperative account because I'd be able to get a debit card but it's good to know that there are options. As you may realise from my first post yesterday, I was absolutely desperate but I have calmed down (a bit) since then!
Well, gotta get kids sorted for school then I'll be into town to try and sort this all out, so I'll let you know as soon as I can what's happening...
Cross your eyes, fingers and anything else (!) will ya??!!
Erica. x

[RICKI]

Well, My application to RBS was declined and I was gutted! The woman I saw has appealed against the decision so I'll find out hopefully by Thurs. God this is so hard and I feel another sleepless night coming on cos I'm desperate for this to be sorted out.
Keep those fingers crossed!
Erica. x