Opening a basic bank account...

[sjbyron]

There is Thinkbanking, they are improving their service including texting for transactions and the waiting times are now between 3 and 11 minutes depending on the time of the day, its £25 to open the account and £12.50 a month, you do get a maestro card though:
http://www.thinkbanking.co.uk

or

The abbey is good too, but you only get a cash point card

Good luck

[sjbyron]

Lloyds do offer a debit card, they call it "baby visa" it is equivalent to visa electron.

http://www.lloydstsb.com/media/lloydsts ... pdf#page=1

And Halifax dont like people with huge amounts of debts such as IVAs and Bankruptcy.

Hope that helps

[cherrypink]

I haven't told my banks about it yet as it is still early days. I certainly haven't told my bank (HSBC) as just this week they wrote to me saying they were taking my 1,000 overdraft away (which basically forced me to accept the situation that the debts I have are just completely unaffordable). Hence I definately don't want my July wages to go in that account!

I am going to visit some banks tomorrow and try to open some accounts now rather than later

[sjbyron]

Hi

I would tell the bank that you are thinking of an IVA or DMP, be totally honest, as you dont want any difficult situations in the future, such as the bank closing the account down.

Avoid HSBC/First Direct as they dont like insolvent people and are notorious for closing Bank accounts down and remember the link creditors such as

RBS with Natwest, Tesco and Next Directory
Coop and Smile
HSBC with First Direct and HFC
Halifax With BOS, GUS, Sainsburys
Barclay Card with Monument finance, solutions finance, and Barclays bank


As these will take any money off you pre IVA if their is a link.

Hope that helps

[cherrypink]

Hey Stu

Thats a huge help, thankyou.

Do you know if Co-op, Abbey and Lloyds are linked to any other companies? I have so many credit cards I want to be sure that my wages are safe...

[sjbyron]

Hi
Abbey had links with MBNA but not sure whether this is still the case as MBNA was acquired by Bank of America early this year
Lloyds had links with Blackhorse finance - which usually deal with car loans and chartered trust
Co-op are only linked with Smile
Abbey is also linked to Cahoot, Cahoot are their internet banking arm as are IF.COM to Halifax
Have a look at:
http://www.payplan.com/debt-library/miscellaneous.php

I had loads of loans and credit cards to loads of creditors so I decided on Freeman Jones for my IVA and Thinkbanking.

Hope that helps, any other problems give us a yell

[sjbyron]

Sorry forgot to add,
Alliance and Leicester have links with Abbey too, only very small, and more their credit card services, but if you have debts with Alliance and Leicester I would ask Abbey if its ok to proceed.

[cherrypink]

This forum has been a lifesaver - thanks again!

[sjbyron]

No problemo,

We are here to help, we all come from different walks of life and have knowledge in all different areas,

Good Luck!

[Adam Davies]

Hi
I would not inform the new bank of the probable IVA,you are only declaring your situation now and there is no guarantee that the IVA will be accepted.
I would go for the Co-op Cashminder and stick to this one even if you are offered an upgraded account.
Regards

[cherrypink]

Thankyou Andy, I will go and do this tomorrow

[Soulgrowth]

Hi Cherrypink ... just wanted to say good luck, you are doing the right thing[:)]

You might also want to consider a Cashplus card, which you can use like a Mastercard but is a prepaid card ... really useful for paying for things on line or over the telephone or if you don't like to carry too much cash with you ... or for in emergencies. I wouldn't be without mine.

Debbie

[Moneystinks]

D~o it over the phone as the branches that open accounts are few and far between and you are not garanteed an account number on the day anyway. X

[Adam Davies]

Hi
Good advice
Regards

[cherrypink]

Oh really? That would save me a trip into town. Right! Going to call tomorrow, fingers crossed!