Does anybody have any experience with First Direct bank? I am in the process of applying for an IVA (just waiting for proposal then creditors meeting), if I am lucky enough to have the proposal accepted I am concerned from hearing off others on the site that my current bank Santander may close my bank account (they are not a creditor), I currently have their 123 account but have just noticed on MSE website that First Direct are offering £125 incentive to switch to them, am wondering if it is worth pre-empting an account closure with Santander and try the switch to First Direct (with a little cash bonus to help out) but not sure how they look at IVA etc - so if anyone has any first hand experience would like to hear!
Hi Lisa, don't go with First Direct as they will close your account once your running an iva . They trawl the insolvency register.
You are right to seek a new current account prior to your iva. Yorkshire bank, coop come highly recommended . I'm with NATWEST and not had any problems. As long as your new account is not one of your existing creditors you will be fine.
First Direct are a part of HSBC and they do not like customers in IVAs, they do random searches of the insolvency register and will close your account.
Can you open an account with the Yorkshire Bank or Co op?
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Thanks for your reply.
I will not bother with this then (I thought with the cash incentive it would be too good to be true approaching an IVA [:)])
I started with application for a Nationwide Flexaccount and thought as I hadn't returned the signed form it wouldnt be opened but I have just received card, cheque book and details etc so seems it has! I have not yet moved anything to Nationwide as ideally I would like to remain with my Santander 123 current account, just concerned if I do have IVA accepted they will close this account down (especially being a non-basic fee paying account, although cashback I earn outweighs the monthly fee by a few pounds, and I don't have an overdraft facility any more). Not sure how Santander deal with IVAs etc and don't want the hassle of having to move at short notice, tricky to know what to do! Unfortunately Natwest are one of my creditors so I cannot bank with them again. Probably running ahead of myself as IVA needs to be accepted first but.....!
Thanks Kelly,
I have not yet tried to open an account with either of the banks you have mentioned as I dont think there is a branch very local to me, although I think someone mentioned you can use Britannia to do Co-op banking?!
Do you have any knowledge or experience with Santander and how they deal with clients in an IVA?
Thanks
I would put a minimal amount of money in the Nationwide account, to keep it open, and continue to use your Santander account in the meantime. If Santander then close this down, you have the Nationwide in reserve, and could use this in the meantime for your savings.
Thanks Mel, I was thinking of perhaps doing that (although not sure if it has to be a minimum into Flexaccount?-will need to check).
Not entirely sure how Nationwide will view IVA if accepted either, not feeling overly confident any of the banks will want me [:I]
I have yet to receive the proposal documents in post (think postie has lost interest since the awful snowfall around us!) as soon as I receive it I will send back, (hope you dont think I am stalling - far from it!)
I did want to email you but cannot find your email address so have sent some more info to Amie.
Thanks
