A letter arrived in the post for us thismorning from NatWest stating that they have closed our business account and cancelled all of our standing orders.We have been in our IVA for two months and I personally spoke to our business manager at the onset and he told us that they would leave things as they are.They are not included in our IVA so why?
We have a secured overdraft with this bank and they want us to contact them to arrange a repayment plan that is agreeable with the bank.This has been passed to their arrears department.I have never felt so low as I do now,what next???
Sorry to hear about Natwest - I know one of the paid cash card accounts offers a business account - as long as you don't need cheques paid into it - but does accept direct payments etc
Foggy,they gave us no reason,just told us that they had closed our account!
All of our payments have been up to date,we haven't defaulted on anything,they just don't want the likes of us as customers.
Our mortgage is with NatWest as well,can they cancel this too??
Thankyou ginger323232,thankfully we do have another business account with Barclays,who,may I add have been really good to us even though they are included in our IVA they have written to us and agreed to let us keep our account with them.
Thinking a bit about this ..... Nat West are, I think, on a drive to downgrade IVA customers to the basic account ... which, of course, will not support a business account set up.
So existing basic accounts might be safe, higher facility accounts will be downgraded as IVA'ers are "outed", but business accounts are, evidently, a no-no.
....Unless they follow Lloyds' lead......
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I changed my banking from Halifax to natwest pre iva. Not problems to date.
Fingers crossed they don't start closing iva customer accounts.
As we are on tight budgets we probably are better customers than most.
I fear all banks will be following suit shortly - the problem is for them those of us in IVA's are managing our accounts within the parameters set, and do not incur any fees for them to claim - therefore they make no money out of us.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Lin - who is your IVA provider ?. This may have more to do with PPI firms contacting our banks on behalf of the iva firm ?. I'm going to dig out the letter of permission giving the PPI firm permission to contact my creditors to reclaim PPI but I'm pretty sure I did not consent to them contacting my current bank.
Last edited by winter_blues on Sun Jan 27, 2013 7:26 am, edited 1 time in total.
I just hope I get some time to make plans to transfer my salary and organise all my DD and SO. I think it would be helpful for those of us with Lloyds if Mel who started the initial post on this subject could confirm when she meets with the representative from Lloyds so we are not all hanging in mid air
Ashb.....Mel hasn't had the opportunity to speak to the relevant person. I am sure when she knows anything she will let you know. In the meantime i would encourage you to look at alternatives and consider which bank you want to go to ...i personally would be opening an account now and not wait .
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Ashb - I have to agree with Lulu, and I totally trust the advice Melanie puts out on here, I've been a forum member for over 4 years & Melanie as helped me in so many ways.
I'm with Lloyds & my hubbys wages go in there & all the bills go out too. I have a application pack coming in the post for the co op. I already have a basic bank account with Yorkshire Bank & we have already asked my hubby's payroll to transfer his wages into this account while we get the Co-op one sorted. I've the task of transferring all our DDs over including my IVA payments to my yorkshire account and when we have our co-op account, I've got to do it all again! I don't personally feel comfortable waiting for Lloyds to act.
Last edited by MrsKnight on Sun Jan 27, 2013 8:46 am, edited 1 time in total.
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
