Good evening,
just a follow up question with regards to bank accounts. I need to change my bank account before i enter into my IVA as advised. I have spent the last few weeks ,looking into different accounts. I felt that nationwide would be a good choice for me because they have no links to my creditors.
I went to the appointment today to open an account and this came back declined due to the credit checks.
I understand that the last months i have not paid my creditors the full amount has advised, so this most have had a impact on my credit file.
Because of this i am looking for advice as to which account i would be able to get. I hear that the co-op cash-minder might be an option. I am looking for an account that would give me a debit card so i can shop online and use in shops. online banking and able to set up standing orders.
As i hope to avoid the situation today where i took time of work to go to the bank, only to find i was not able to have an account. Even though i called to nationwide the lady on the phone told me that she would not be able to give me a 100% answer till i went to the branch.
Hi. Co-Op will give you all that you seem to need and can be opened over the phone very easily.
Just out of interest, was it a basic account the Nationwide declined you for? If you just ask for a current account they will try for a higher spec account, which will get declined to IVA'ers.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Co-op cashminder come highly recommended on here. Give them a try.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks for the updates I believe that the co-op would be the best choice.
I think that nationwide did put me down for a normal account, but since I am pre IVA I thought this might not have been a issue. At the time I thought that the basic account just came with a cash card which would be no use to me. But the co-op cash-minder seems ideal for my needs.
Thanks for you help and enjoy the rest of your evening
You will get a debit card with the Co-op. As you are pre IVA you may be able to get a full account.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you want to go with Nationwide - go back and have another word. If you tell them it's just a basic account, no overdraft etc they might reconsider.
I tried to open a Co-op account on line prior to my IVA and was turned down on credit checks. I applied for the wrong account. I rang them to open a cashminder and even mentioned I was applying for an IVA and they couldn't be nicer. I have no problem with the Co-op but it can be a pain if you have to pay in cheques as their branches are few and far between. You can use the PO but it takes 6 days to appear in your account. Paying in cash at the PO is instant. I don't pay in many cheques so it's not an issue with me.
I had a basic bank account with the co-op, however, if you ever get into a situation when you become overdrawn, if only a by a few pennies - three strikes and your out - they will give you notice that they are closing your account.
This happened to me, I then went to Think Banking
Pros: They basically manage your bills for you
Do regular checks on income and expenditure to
ensure everything is ok
No banking charges if you dont have fund to
pay a direct debit.
100% acceptance
Master card debit card.
Cons: Inital Set up fee
£14.50 monthly management charge
I think Co-op cashminder is better than Nationwide basic account.
I don't think there are many cheques issued these days so shouldn't be a problem.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think most have a 3 strike rule. I c***ed up last month and I rang as soon as I realised and they were great. Just swapped a d/d around and we had a long chat about banking. Now I have my ISA with them at least I can always swap money around.
I wouldn't want to pay a monthly fee as I'm too tight!!
The Santander do a basic account, no debit card though. This may have changed since I set up my basic account with them though. You can set up direct debits and do cash withdrawals for your weekly shop and fuel purchases.
I wouldn't touch Santander at the moment - their customer service is total rubbish and they have a bad reputation. Glad you are happy with them though Kaykay.
Co-op, Barclays and Nationwide do a debit card.
I would not do a paid for account unless I absolutely had to.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree Paul - I now keep a book where I record everything as the Co-op is about 2 days behind on somethings (mainly Tescos!!). I know exactly whats in the account and take all the d/d's off the balance in the book before I start spending so I know where I am. I may even start paying myself £14 per month !!
i have a basic cashbuilder account with nationwide, comes with a visa debit card, i applied online declined the option of an overdraft,and recieved all my account details about a week later in the post. once details were received i logged into online banking with them where there is an option to allow them to change all of your direct debits over to them, which saves you a lot of hassle.
i also have an esaver account with them which is set up in minutes from your online banking account.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
