Bank Account

[Hells]

Can anyone help?? I am in the process of applying for an IVA and need to change my Bank Account. However, this is proving a little difficult. I am only applying for a Basic Account with no frills!!. But keep getting turned down. Has anyone else had this problem?? I have applied to Nat-West, Abbey, Co-op, Nationwide and HSBC..
Any info would be great Hells

[neverending]

Hi
Try The Gregory Pennington Managed bank account tel 0800 2988969.
It costs £8 per month but is well worth it.You can pay standing orders and direct debit and it provides a cach card.They have said that a debit card will be introduced soon.
The account pays all your S/O and direct debits and then transfers whats left to another account that you have access to via the cash card.
I have found it to be invaluable.
Regards

[Hells]

Hi, Thanks so much for your advice Kind regards Hells[;^)]

[iva_squirrel]

Basic Bank Accounts are no-frills current accounts aimed at those people with no credit history or those that have previously been unbanked.

Halifax has a basic account option called Easycash card.

You can arrange for credits such as your salary or benefits to be paid straight into your account,pay in cash notes and cheques at cash machines or via the deposit boxes in our branches.
You also can arrange standing orders, Direct Debits and one-off money transfers to pay bills and other payments straight from your account, use a card and PIN to withdraw up to £300 cash free of charge at Halifax, Bank of Scotland and LINK cash machines and Post Office counters.
You will have access your account 24-hours a day, 7 days a week using our online and telephone banking services.

Regards,


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[ray72]

HI HELLS, JUST WANT YOU TO KNOW I HAD SAME PROBLEM, WITH BANKS,
FOUND THE ONLY ONE THAT WOULD HELP WITH A NEW ACCOUNT,WAS THE ROYAL BANK OF SCOTLAND, THEY OPENED WHAT THEY CALL A KEY ACCOUNT, YOU CAN GET MONEY OUT AND PUT IT IN AND SET UP STANDING ORDERS AND DIRECT DEBITS, AND YOU ALSO GET A CASH CARD, BUT THEY MONITOR YOUR ACCOUNT SO YOU DONT OVERSPEND, DONT FORGET ASK FOR A KEY ACCOUNT. REGARDS RAY.

[iva experts]

Barclays have a basic account which our clients seem to be having no problems opening. Please remember though that you must not open an account with a company that already is a creditor of yours. This is due to the Right of Offset which would allow a bank to remove funds from your bank account to offset against monies you owe them from another account (i.e. loan, overdraft etc...)

Hope this information is of use

Regards. IVA Experts

[Dominic]

i too need advice on basic bank accounts, RBSC, LLoyds, Halifax, Sainsburys and CO-OP are already creditors so i cannot use them so that leaves?

[neverending]

Hi
I think we need to clarify the following quote from IVA experts
"Please remember though that you must not open an account with a company that already is a creditor of yours. This is due to the Right of Offset which would allow a bank to remove funds from your bank account to offset against monies you owe them from another account (i.e. loan, overdraft etc...)"

As long as you open the account prior to your IVA and put no money in it until AFTER your IVA has been accepted and stamped at the court then your money cannot be accessed by your creditor because you and them have entered a legally binding agreement and any money that you have is to be equally shared between your creditors.If a creditor was allowed to access your money then it would affect all other creditors.
A Bank could withdraw its services but in my experience as long as you conduct your IVA correctly and do not go overdrawn etc you will not have a problem.
Remember once your IVA is agreed and running your creditors will leave it all to the supervisor of your IP,After all they have many other things to deal with !!!
My advice is to go for the Gregory Pennington account and divert your wages into it once your IVA is rubber stamped.

[Hells]

Hi Guys Thanks for all you help.. I think I was being a little impatient and worrying to much!!. I managed to get an account with both Nat West and Nationwide.. Thanks again Regards Hel's

[iva experts]

Excellent news. Please continue to post to let us know how you are getting on.

Good luck for the future.

[Dominic]

i am applying to Nat West but they want to see a statement showing my salary being paid in, that in itself is not a proble,wht they will see as well si how overdrawn i go. That concnerns me me.

[Oliver]

All high street banks have a basic account on offer. Go into the bank in person and explain that you want a no-frills bank account with no credit products attached.

Obviously it is important NOT to open an account with someone you owe money too.



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
James Falla
www.thomascharles.com

[Dominic]

I have an pppintment with the local abbey ina fortnight from today, work committments mean i am losing next weekend and getting days off is didifcult. From what the person in the branch said all they need is for me to turn uo with my passport and driving licence, fill in the form and thats it it will be done. It cannot be that easy?