IVA and New Bank Accounts...

[snowman365]

Dear Forum

Once you have decided you are to go ahead with an IVA, is it best to open your new Bank Account straight away i.e. before the IVA is agreed, and the banks are not aware of the IVA?

Is it possible to get a Bank Account which still allows you to have a card which you can use in shops (e.g. Switch / Maestro) , but with no overdraft / chequebook etc. - basically no way of getting back into the dreaded debt?!!!

Do you have to declare the IVA to your new bank?

Cheers!

Finally, which bank is best to go to for this type of account? (Apart from HSBC!!!)

[Moneystinks]

We have an Abbey account - we thought we were opening a basic account but I received a switch card ths morning.

Alot of people on here swear by Co op cashminder - I also have one of these accounts.

I opened a new account as soon I knew what I was going to do. I then transfered my DD's and cancelled them from the old account. I then sent letters to my creditors stating that I was looking into an IVA. I am with Melanie and the proposal is being drafted at the mo.

[Lisa2009]

Hubby went with Halifax before his IVA was approved. He was upfront with them and they were fine. He got a basic bank account with a visa electron card, no overdraft and no cheque book.

[Reviva UK]

Think I come from the EXTRA CAUTIOUS SCHOOL and if you are able get another account as well as a back up just in case.

The COOP CASHMINDER account is particularly good

[aguise]

Hi snowman.
You will need an account that is not connected in any way to your creditors. It is best to open one straight away as you will need to change first and foremost your wages. It is the norm when an iva is being proposed to stop payments to creditors so you would need the ac to stop them taking from your income, otherwise they could hold it towards the debt. Your company will advise on this but not a bad idea to open one asap. The best one that most seem pleased with is the coop cashminder account, it does have visa electron if i remember correctly. A debit card is ok as long as they dont allow you to go overdrawn, and the account must be basic.
Hope that helps.

Ang

[Dee]

Can I just add to that as an ex banking customer service advisor, I have just opened a Co-op cashminder account and have found the customer service excellent[:D]

Dee

[snowman365]

Cheers guys for the advice!

Sorry can't go with Co-op either...

[Reviva UK]

I have a couple of clients with COOP debts who have CASHMINDER accounts so may still be worth a try

[aguise]

Natwest step account snowman ?

Ang

[snowman365]

Hi Aguise

Yeah a few people have suggested them actually!

Do you know if you ge a Switch / Maestro card with them? (To save carrying cash around all the time).

[aguise]

I think there is a card with the account but cant remember which one. Other option would be one of the pre paid cards .

Ang

[Wizzard]

Its a Solo Debit card Ang ... I was surprised to learn my local post office didn't accept it

[aguise]

Thanks ray. I was trying to remember it. My usual senior moments are becoming more frequent lol.

Ang

[kal]

I have an account with Lloyds TSB - it somes with a Visa debit card - only trouble is you can only get cash out at Lloyds or TSB branches, which can be a pain.
I found the solo card, some shops don't accept it like they do visa debit cards.
k.

[Oliver]

Hi

this is a good link for basic account:

http://www.moneyfacts.co.uk/banking/bes ... ounts.aspx