Oh I chuffing give up! Along with PPI claims & credit card charges n now this! I'm off to look at clear cash site.
Why should I/ we be penalised for sorting our debts.
I'm personally going to go into Lloyds & ask to close my account before they do & if n bet I'm called in to ask why... I'm politely going to tell them!
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
I think the likes of Clearcash will grow on the back of these decisions. Yes there are monthly fees but at least you know the maximum that will ever be charged and that your business is welcome
Do the Co-op allow you to set up a cashminder whilst in an IVA or did you have to set it up before your IVA was accepted. Im with lloyds and opened the account a good 6 months before setting up my IVA, i cant believe what they are doing. Just hope they give notice before closing my account.
Hi Chris - they will open a cashminder account whilst you are in an IVA. This account can only be opened by phone or in branch and they will probably tell you that it needs to be referred for acceptance (this is what I was told prior to our IVA when I applied). But within 48 hours it should be approved.
We have had no problems with our account. Their on-line banking is a lot quicker at recording transactions than it was a couple of years ago. The only drawback for us is there is no local branch but I use the Post Office for banking cheques and although it takes up to 6 days for us it's no problem as we don't get that many cheques.
We have been out of our IVA for nearly a year now and have no plans to change account from the Co-op.
Hi Kazza, thanks for that. I have a local branch and rare day off on Monday so im going to go and hopefully open an account. Ive already read on there website what ID i need to take so hope i can get it sorted.
coop are usually very understanding and come highly recommended on this forum for quite some time. Their recent announcement to not offer accounts to undischarged bankrupts didnt go down very well (think they have the lion share of the market)but whenever ive heard of anyone struggling with DD's or avoiding overdrafts, they have been better than other high street banks.
Their online area has been commended too. Once anyone opens an account, as with any account. Try and keep a watchful eye on it and do extra things to keep that planned budget tight, whether it be Skippys practise of spreadsheets (something i sometimes do) or logging in each day and setting reminders in diaries.
As mentioned by posters, the prepaid accounts are worthy and as Andy mentions, at least you know the maximum fee you will incur.
Dont worry if whatever account you go for doesnt ofer Direct Debit... companies do offer other forms of payment BUT may not offer discounts (such as utility companies).
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
I will ask that question nickjohn when I speak to the Head of Lloyds Consumer Finance tomorrow hopefully.
Hi Melanie, did you manage to get any info as to whether it is purely personal accounts of those in an IVA or are they closing the business ones as well.
I hope this doesn't come off I'm with Lloyds and have been since before I entered IVA, also my wife moved her account over so money could be transfer quickly between accounts, we also have a joint account to pay bills, this is gonna be a hassle to start trying to open a new account whilst already in an IVA that will allow DD/SO as most bills in my name, has anyone ideas for a new account, no COOP branch near us.
I imagine anyone using banking facilities that have a monthly fee will be able to add those fees to their monthly expenditure within their IVA, as it would obviously be an essential outgoing.
I guess one way round this problem for some affected by this Lloyds decision could be to have their salary paid into their betrothed/partners bank account and have d/d`s changed into their names....I know this would only be suitable if you and your other half are not financially linked on credit search sites, but it could be a solution for some people.
I imagine more banks could follow suit and in the future those of us in IVA`s may find it near impossible to open an account with a mainstream bank.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
I wonder if you would have a case for victimisation / human rights infringements, just because you are in an IVA does not make you a bad risk for a bank offering a basic, no overdraft, account. As people have said before people not in an IVA but who have an overdraft are more of a risk..
