Like a lot of people in an IVA I have a basic Step account with NatWest, and I have been fairly pee'd by their change of rules when it comes to using cash machines.
Today I was in the branch and whilst the cashier was dealing with me she asked if I'd ever considered upgrading my account. I quietly explained that I had but wouldn't get through the credit check so hadn't done anything about it. She sends me off to chat with an adviser in a private office.
Once in the office I explained about the IVA etc and was told I could upgrade my account to a Select Account without any credit checks, but the account has a charge of £8 a month. Apparently as long as your account is in good order and none of the restricitions (overdraft, cheque book etc) are changed the advisers can over-ride the credit check bit and upgrade the account.
For me the £8 a month charge actually saves me money, as it gives LoveFilm and an insurance which currently cost me more.
So long as you're happy paying the £8 @ month then that's a good move to you.
I upgraded online with Natwest from Step to Select with no problem and no monthly fee. Doesn't work for all as a few posters have tried with no success.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It's always cheering to hear of a bank valuing out business. Great news Sophie and to get LoveFilm is a real bonus! I don't mind these value added accounts...I'd pay if Lloyds offered one that met my needs. But there's often a lot of guff and no substance...the Nat Wrst account sounds cool x
That's good news Sophie. How very understanding of Natwest as well to let you discuss it in private rather than shouting your situation throughout the bank as others have experienced.
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
I was in Nat West the other day and the cashier was trying to persuade me to apply for a remortgage. Felt like I was back in the old days. However I think I may try and have a chat with our local branch and see if I can get my account upgraded. Sophie can you please tell me how long you have been in your IVA as I'm wondering if this makes a difference x
My IVA would be 3 years old in May, but it was completed with a F&F late last year. But to be honest the NatWest adviser really didn't seem interested in the IVA, he understood I wouldn't pass a credit check and was happy to over-ride their system to upgrade my account .... but as I said before the basic account restricitions of no overdraft etc still apply, I just get a new card and can use all cashpoint machines.
Hi all, I have read this with great interest. When I took out my IVA i specifically told by BE that I could only have a Basic Account - was that incorrect?
As a GT customer perhaps I should refer this to Karol for clarification?
The only thing you shouldn't do is have an overdraft, otherwise if you can get a full account then go for it.
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
kallis - would have thought £20 overdraft - as a safety measure for poor accountancy would prevent any unauthorised borrowing - hence save any hidden changes (which there are loads !):-)
I was under the impression that you couldn't have an overdraft at all. I have nothing on my Nationwide Cashminder (to be expected) but my Barclays full account doesn't even have a reserve so if I go overdrawn I'll get charged.
The safest thing is to make sure that you don't go overdrawn.
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
I remember Michael Peoples (I think) posting about overdrafts and saying having an overdraft facility isn't a problem providing it's not used, i.e. only used as a buffer in case of emergencies.
I applied for one for my Nationwide Flexaccount (I only wanted £50 in case something goes out when I'm not expecting it!) but needless to say they wouldn't let me.
trouble is - i sure there are times when we all forget about the odd transaction we make (i know i have) so our account balance is not right . RBS/Natwest - charge £6 per day for unauthrorised ODs. £20 limit is just in case of this.
Last edited by ginger3232 on Fri Mar 23, 2012 12:18 pm, edited 1 time in total.
My understanding is the same as Kallis - whilst in an IVA having any kind of overdraft is a no no. We had to remove the facility that came with our account even though it was only £100.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
