BANK ACOUNTS

[johnpaul]

i would like to know why most people choose a bogstanded basic bank account with a hold in the wall cash card over a bank account with a debit card with cheque book

JOHNPAUL

[johnpaul]

if they on are a dmp program or doing a iva

JOHNPAUL

[louiseh]

An account with a cheque book and debit card would be a current account, which you would need to pass a credit check to get, they also come with overdraft credit facitities, which you're not allowed in an IVA. Basic bank account don't usually require a good credit history to be accepted. I don't think it's a case of people choosing a basic account over a current account, but more what they are able to open.

[johnpaul]

hi louiseh thanks for the repley a friend of mine tryed a to a very basic bank account with a hold in the wall cash card and was turned down by the royal bank of scotland is hes doing a iva

JOHNPAUL

[louiseh]

Usually the first thing you're told to do when applying for an IVA is to open another bank acoount, at this stage you may not have any/many defaults probably more likely to be accepted. So i'd assume once in an IVA some banks etc may have criteria restricting accounts to people in IVAs, varies from bank to bank. Some do however allow people to open accounts whilst in an IVA as other people have posted, also depends on who your creditors are and their links to other banks to which you may apply for an account. I.e Tesco credit card is linked to Royal Bank of Scotland, so they may refuse an account because of a debt with Tesco for example.

[johnpaul]

i changed my bank last month i bank with natwest i have a advantage gold account which i pay £12 per month it as a maestro debit card with a cheque book linked to it i also have a first additions account with barclays which i pay £6.50 per month for as a visa debit card and cheque book linked it to only have it as a back up as some place dont accept maestro or if natwest close down my account because of maybe doing a iva even though they are not one of my creditors or are barclays

JOHNPAUL

[Skippy]

Can I ask if you are actually getting any benefits from the Advantage Gold account? I had one and cancelled it as I was spending £144 a year and getting nothing for it. If you are not saving yourself more than £144 a year wouldn't it be better to downgrade it to a normal Natwest current account, and the same with the Barclays one?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

hi skippy i do use the benfits in the natwest account and the barclays account and i get loads of benfits eg mobile phone ins money of cds and dvds plus a great deal more same at barclays go to
www.natwest.com
to find out more about the advantagegold account it might help you

JOHNPAUL

[Skippy]

Thanks, but I'm bankrupt so they aren't going to give me an account! When I had it I found that I could get most things like CDs cheaper online - there was no way I was going to save £144 a year!

Don't forget if you go ahead with an IVA you will be on a tight budget and £18.50 a month for the bank accounts is going to have to come from somewhere.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

its been taken care of skippy my dad said he will give me the money

JOHNPAUL

[Skippy]

That's good - I mentioned it as I know from experience how difficult it is to remember everything!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

my dad said it was the only way he would help me hes loaded with cash but wont help me in anyway other than to give me £18.50 per month i told him if you give me £19k for that 30k i have i would have paid my dad back £350 per month

JOHNPAUL

[Skippy]

My mum offered to help me but I said no. I got into this mess so I wanted to get myself out of it.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

he told me that you have to learn your lession the hard way and then i sorted it out myself i just feel that if with my iva metting next month i could have offerd that 19k as full and final my dad said no

JOHNPAUL

[Soulgrowth]

From personal experience there is a great deal of strength and self-empowerment that comes out of dealing with your own debt situation [:)] That's why I think that everyone on the Forum here should be congratulated and give themselves a virtual "pat on the back"

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk