I am going go open a basic bank account tomorrow with Norwich & Peterborough, as we have no debt connection with them but do I tell them we are starting an IVA and if not what reason do I give for only wanting their basis product?
Some banks are happy knowing about IVA's, some not. I just said I wanted a basic account to sweep my surplus into at the end of each month, to keep spendimng money seperate from bill money
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Has the IVA been approved? If not there no need to say anything. - If they ask - just say you have another account with all the normal facililties. - or something!
My IVA has not been approved yet, only in the initial stages but have been told to set up a new bank account. Presumably I will need to transfer my direct debits to the new bank account and have my salary paid into it etc so that I can close the Lloyds account. So am still unsure as to what I say for only wanting a basic account?
If your credit record is still OK -- have you been keeping up with payments so far ? ---- you can ask for a standard account .... but no overdraft facility. Any credit check they run right now should be OK.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My credit record is Poor with Experian due to the level of debt owed but have not missed any payments or in arrears with anything, as only cancelled loan direct debits yesterday.
When I needed a new account went to Yorkshire Bank, my credit was pretty poor too,said I wanted a new basic account just for seperating housekeeping money out and did not want overraft or anything else. If they ask at this stage you can honestly say you do not have an IVA
As foggy - mentioned you could try for a "normal " account - or if your happer going for a basic account - up to you - just make sure it does all your normal banking stuff.
Usually with a basic account you can often get account number etc - within a short period of time
Is the Co-op one of your creditors? If not then give them a try. They come highly recommended on here.
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 can't speak highly enough of the co-op cashminder, we had a letter yesterday to say that we had gone overdrawn by a small amount and that there was a £20 charge. I rang to explain that a direct debit had gone out a day earlier than we thought, and as i had rang to apologise i would not be charged.
I wish they posted on here.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
A lot of posters rate the Co-op and I got a full Smile account with them when setting up my IVA and just had the overdraft facility removed. Natwest Step Account is another good one and I can personally recommend that one. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Bush67, I know how you feel...i didn't want to answer any questions so i opened an account on-line with Nationwide, cash card +. They give you a visa debit card so it's not bad. I was in a similar situation to yours, kept up payments but had a lot of debt. So you should open it without any problem.
I've got a Co-op Cashminder account, and it comes with a visa electron card. These cards are not subject to any additional charges when you use them for anything, unlike some debit and all credit cards.
OH OT - glad you are happy with the Co-op cashminder account. i have just closed an account with Smile(co-op) after nothing but bad service from them over the last 6 months. Then again as i get older, i see to get less tolerant to bad service
