I am just about to start looking for a new bank account and was wondering if I open a basic account now with no overdraft do I have to mention that I am applying for an IVA?
Also my creditors include HSBC, CO-OP, CAHOOT, any ideas if RBS & NATIONWIDE would be worth a try?
I took out an account with Yorkshire Bank and was upfront with them about the IVA (I have a pathological inability to lie). They weren't concerned as there was no credit check involved and gave me a Maestro card.
You do have to go into a branch though. A lot of people speak very highly of the Co-Op cashminder, as that account is avaiable to bankrupts so can be amenable to IVA customers.
The only thing to do is avoid HSBC and First Direct as they actively check the insolvency register and will close your account if they become aware of your IVA.
I have just opened a step account with natwest - pretty painless - ity gives me internet banking DD's and a solo card - NO OD
I didnt tell the manager about a prospective IVA - but I did tell him I was in debt and was trying to sort it out - I think as long as you havent got any CCJ's or defaults then you will be fine -
The bank manager was Ok - he asked if I had taken advice to get it sorted I even told him how much - he just said it was good I was addressing things as so many people dont - he was more concerned that the share price had bombed and he was having to stay on an extra 5 years !!
Hi there & welcome to the forum.
Royal Bank of Scotland - have a basic account that includes a solo/maestro card, I think you have to apply over the phone or in the actual bank - have a look to see if you can apply online.
Nationwide only have a basic account which does not include a solo/maestro card - but you can access your money through whole in the wall/bank.
Yorkshire bank have a basic account with a maestro card & online banking & you can apply by phone or direct with the bank.
Also Natwest have a basic account with a solo card & online banking & you can apply on line - which my husband did & he got his through no problems whilst applying for a IVA.
Natwest & Yorkshire banks do not do a credit check on this basic accounts.
I got my account with Yorkshire Bank whilst applying for an IVA & I mentioned nothing about it - when they asked about over drafts etc. I just said I wanted a basic account to put my housekeeping money in & my tax credits.
We also got a account with Lloyds TSB (now linked to HBOS) they no longer do the basic account & where discontinuing it at the time we applied (in the bank). They where happy to give us there Silver account - but kept on pushing to give us an overdraft (not allowed in a IVA) Kept on saying no & they kept on saying why & I ended up telling them the truth, because we r not allowed credit as applying for a IVA. They suprisingly said thats fine & thanks for being honest & gave us the account!
Sorry I waffled & hope this helps.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
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
There is no requirement when opening a bank account to say that you are thinking of entering into an IVA.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
As far as I am aware, Nationwide have no idea we both have IVA's. Some banks can be funny, but others are more understanding.
I think it's just a case of 'suck it and see'.
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
Yorkshire bank are best they offer the maestro card which is more widely accepted than solo plus you have the option of online banking for dd etc. Nationwide only offer a link card which you cant use to make purchases.
