I completed my IVA in March this year (which is great), but i'm struggling to get a current account. I've contacted all my creditors, as I'd seen a copy of my credit file and some of my debts still said 'outstanding'. They've assured me that they've now settled the accounts and let the credit reference agencies know, and i've also sent my certificate to the credit reference agencies that still had my IVA as 'active'.
My question is..... can a person who has completed an IVA still not get a current account purely because they've had an IVA, or would it be something else? (i.e. defaults still showing etc).
I will be requesting up to date copies of my credit files from all the agencies again, but I am just wondering if the pure fact that a settled IVA is still on my credit file will stop me obtaining a current account?
Hope you can help.
Once the six years is up and your IVA drops off, you shouldn't have a problem.
Have your tried upgrading the account you have now? Otherwise, try the Co-op, they may be ok.
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
the clearcash icount is also another good account. It is a mastercard and you can pay your wages into it and pay standing orders. It has a good online setup and you can get your balance by text message.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
But it does cost, and you can't pay direct debits.
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
Yes and no. Secure Trust is an option which does do Direct Debits - it may be slightly more expensive than Clearcash, but does offer more. There is also Thinkbanking, which I think also does direct debits.
However, if the poster can manage to get a free bank account somewhere, I would go for that everytime.
I would never advocate paying for a bank account if you don't have to.
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
you say secure trust offers more, it offers direct debits but there are a lot more things that clearcash provide that secure trust doesnt, for example cashback. balance by text message, online budgeting tool so I dont thin it does more just provides some different products.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
As I have said before Paul - my online budgeting tool is my online banking and I know to the penny what goes in and what goes out each month/
I get my cashback from elsewhere, and I would always want an account which provides Direct Debits. The companies I use won't take standing orders and I'm not prepared to go through the hassle of setting up bill payments every month, especially for such things as the council tax and water rates when I all I do is just look at the bill and then let them carry on taking out whatever amount when it starts up again.
I agree that these accounts can be good if you can't get a normal bank account, but if you can, I recommend these everytime.
I don't think we are ever going to agree on this one Paul.
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
If the Clearcash account is so good, why does it not do direct debits? Perhaps because it is not a bank account at all, but just a prepaid card?
To compare the Clearcash account to the Secure Trust account is like comparing apples and pears - the first is a prepaid card facility, the latter is a full bank account with a prepaid card attached - and you can have a savings account as well.
Both have advantages for people in financial difficulties, but could yo uhonestly manage your finances without a current account and just the Clearcash card? I doubt it. And whilst there is still free banking, many people like Jan will choose to stay with their existing providers.
My account is free at the moment - ok I haven't got a debit card, but I have a paypal card which does me for internet purchases and everything else is cash or done through the bank via direct debit. I feel much more secure with that.
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
The point I am trying to make is that it is a solution to the question that was asked and as an open forum we should be able to offer advice for all options available and the clearcash card is a solution to the question asked by the op. To say the secure trust offers more is actually inaccurate as it clearly does not, yes it offers direct debits but as I have said the clearcash card offers other facilities that secure trust does not so how can we say that secure trust offers more? I have not tried to compare the two accounts I innitially said that the clearcash card offered a solution I think everybody else got on my back with comparisons. I still say that the clearcash is a solution to the question asked and is therefore for the OP to look at all the options available and pick the one that is most suitable to thier needs. Please don't keep knocking me for offering solutions to questions it may not always be the solution that the forum would like to see but never the less is a solution to the question. I don't mind being corrected if my advice is not correct as I would not like to mislead anybody.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Clearcash is fine if you want the things offered on it.
I prefer a proper, free bank account at the moment. I want something which gives me direct debits which this doesn't.
I am not bothered about cashback on Ebay or anything else as my bank account is just used as a back up facility on there. My Paypal account and card fund my purchases. What is in my bank pays my monthly bills. This would be the same regardless of what system I used.
As I have said before Paul, we are going to have to agree to disagree on this, as you will never convince me that paying for an account when I can get one for free with everything I want, is the way forward.
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
Go to the Secure Trust web site and you will see it is a proper current account with a savings account in addition. Further, Secure Trust is part of Arbuthnot Latham one of the most secure banks in the UK. Frankly, if Melanie Giles recommends it then you can be sure it is ok - after all she herself banks with Arbuthnot Latham. J
The poster asked for advice about a current account. Please do not mislead the forum posters into believing the Clearcash card is a current account. It may offer some of the facilities required, but it is definately not a current account and should not be implied as such.
Both products have their place in today's market, as do the wide variety of free banking facilities which still remain available for the vast majority of people in financial difficulties.
As I suggested in the first place - try the Co-op first, they have an excellent reputation on here. Yorkshire Bank are also quite good and I believe that Barclays are quite sympathetic.
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
