I am not sure if anyone else has posted about this recently, but we have been advised that Lloyds TSB Bank plc is withdrawing all facilities fron customers who have entered into IVAs that they find out about.
Anyone already banking with Lloyds may be sensible to seek alternative banking arrangements sooner rather than later. Shame on them.
Mel, any ideas if that includes post iva but still showing on the credit file check??
Im 2 months off mine falling off my credit file would hate to have to sort out change in bank accounts after all the hard work has been done.
I would say they have been really supportive during my iva, i had a debit card, internet banking and in return they had my hard earned pennies each month.
I just do not understand this....those in IVA's are working towards a debt free life. They have acknowledged they need help and have sought appropriate and sensible support to do this through an IVA. Banks should be fully aware that whilst in an IVA going overdrawn is a no no, having credit is a no no...therefore the bank account will 99.9% of the time be managed effectively .....why penalise those people that are showing they want to change....
Why not start looking at those who make no efforts to pay back and reduce overdrafts etc month on month....
I am thinking as I type, actually is it because those in IVA's manage their accounts within the require parameters and therefore the banks can't impose any charges and make money out us!
It makes me so cross !!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Incredible and I read this article on Lloyds a couple of months back,
Lloyds Banking Group is selling a £1.46bn portfolio of distressed Irish property loans to a private equity group linked to Apollo Global Management for a tenth of their face value in the latest phase of its exit from the Irish market.
The lender, which is 40 per cent owned by the UK government, said it is selling the loans to Risali Limited, an entity affiliated with Apollo Global Management, for a cash consideration of £149m.
And now they have to cheek to withdraw Banking facilities from debtors who can no longer hurt them or any other financial facility
Call me cynical but someone in a basic bank account probably has a low average account balance, never goes overdrawn, has no overdraft and can't be offered any other products (such as loans, credit cards etc) and therefore seen as a customer that can't add value to the business ie a 'profit' for the bank because they can't find a way to charge you any fee for doing something wrong.
Personally I found the basic accounts meant I had real problems accessing cash (natwest step for example) and ended up in a dire predicment once abroad with that stupid card but after falling out with them went with thinkbanking. never looked back and don't care about the monthly fee and even though i could probably get a normal account now , not interested. They supported me when in trouble and with the internet banking now I can fully control what gets locked away to pay my bills. The monthly fee is nothing compared to what a bank can charge you on a daily basis for unauthoriseud overdrafts or failed DDs/payments.
Last edited by herbekj on Tue Jan 22, 2013 7:21 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I am glad thinkbanking works for you Herb. I imagine you will not be alone over there soon
I think that free accounts will soon be a thing of the past for all customers -- we are just the first for the firing squad. And, if I HAVE to pay to bank, it certainly won't be with one of the corporate leeches WE bailed out and they then turned their backs on us !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree Foggy, Free banking has an end date, don't know when but just one major bank needs to annouce it and every other bank will fall in line.
But if you pay a fee and don't get any other charges it will be people struggling that will actually benefit and people who have healthy balances getting upset.
As an example when I went into my IVA I owed Yorkshire Bank £1000, they immediately charged me £10-£30 a day until my IVA was approved which pushed my debt with them to £2000. Creditors got around 50% back in my IVA, very clever YB, as they then actually got 100% of my real debt paid back....
Last edited by herbekj on Tue Jan 22, 2013 8:18 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
The more I see of how mainstream banking treats its customers, the more attractive accounts like the ClearCash one seem to me. They are simple to open, with no credit checking, and a host of money management assistance built within to ensure that priority payments are met, and the balance of monies is protected to ensure you have sufficient to meet your monthly expenditure.
I will be formally confirming this position with Lloyds tomorrow.
While my account is free I prefer to manage it with a spreadsheet and I will stick with Nationwide even if they start charging. However I can see the appeal of the so called managed accounts. I had an account with Think Banking for a while and to be honest it was very poor but hopefully they have now improved.
I personally believe this account helped me to have a succesful IVA. I simply couldn't spend money that I didn't have and meant all essential bills were paid.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
It's funny how different people manage differently - I preferred managing my own money and felt I learned more that way! Each to their own - it would be boring if we were all the same!
Your correct Skippy, 5 years ago it was not so easy with thinkbanking and was a chore to do things and being held in a queue as you had to phone but they provided me with an instant solution when I had no bank.
Since then with the move to online a couple of yearrs ago you can do all the changes with your account directly (change dates, amounts, delete, add etc).
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
