Opening new bank account

[dorset70]

Hi, am in the early stages of the daunting task of completing my iva forms for debt free direct which I am doing today. Can anyone confirm they are a good company to deal with my iva? As advised by them I went to HSBC today to open a bank account. Never have I been made to feel so ashamed. She wanted to know who I banked with at the moment and was insistent on me telling her why I wanted another bank account so I had to explain for an iva, from that point went from bad to worse, she started asking me about all my outgoings, how much rent, how much on food, clothing etc, I did ask her if that information was really relevant as only opening a simple cash card account, bottom line is, paperwork completed but have to take up my last month bank statements from nat west to complete opening the account. This worries me as they know I am opening an account to do an iva and also will see my overdraft on there which worried will stop me having the account open, also can they contact Nat West and tell them I am opening another bank account with a view to IVA?

Also my creditors, can anyone tell me what these creditors are like with a view to accepting iva?

Natwest 8500 loan and two overdrafts
Natwest 2600 credit card
RBS 2850 credit card
Capital One 3400 credit card
Egg 2700 credit card
Barclaycard 2950 credit card
GE Capital 1100 store card
Creation 700 store card
24800

Debt free direct have worked out I will have about 250 surplus income to pay into an iva?

Thanks, much appreciated.

[Adam Davies]

Hi
Sounds a bit of a nightmare with the bank.You could always try the co-op cashminder account or the nationwide flex account[basic] both can be accessed on line so no embarassing situations.
If you have no luck with any of these you can always use Think Banking but they charge £12.50 per month although acceptance is guaranteed and you do get a Maestro card.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[BECKY]

hi ive got a barclays cash card account( they were one of my creditors so was surprised to be accepted) i filled in the application form and just popped into the bank to get my id photo copied no questions asked they even sent it off for me saving me the price of a stamp!!

[allan.f]

Hi,
I am suprised that your IVA company recommended HSBC they are the worst bank you can deal with when involved with an IVA.I changed to them before my IVA and 3 months in I was told that they were closing my account as they don't do business with the likes of me.I had anticipated this due to all the adverse postings on this site and already opened an account with Nationwide and the Halifax.As long as your new bank is not a creditor you should be fine,one tip,go to the branch and do it face to face,that way they don't do all the credit checks as they would on-line.But if they ask be honest with them.Good luck for a debt free future
Allan

[MelanieGiles]

Not great advice, as HSBC have a habit of closing down peoples bank accounts when they enter into IVA's. I personally would not recommend them for post-IVA banking facilities to clients because of this policy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Phil]

As with other postings on this site HSBC seem to have a policy of closing people accounts when they find they are in an IVA.I am with Lioyds TSB with a classic account and have a debit card!Worth a try
Phil

[IVAHo]

What you just explained happened to you, was what i was worried about happening to me! You poor thing...embarrassment and shame is such a big part of debt, but you did the right thing being honest. You shouldnt be ashamed, you should be pleased that your doing something positive about it.

I commenced my IVA through Debt Free Direct a couple of years ago and they recommended opening another account either with Natwest (not an option for you) or Halifax. I opened a basic cash card account ONLINE with Halifax, which went through fine and all i had to do was take ID to cashier for photocopying.

[ray_a]

Can strong recommend the Co Op. They were very sympathetic to me when I went in to open the account.

About six months ago I laso got a n Halifax easy cash account as well.

Look at the cash plus Mastercard as well which is like a credit card but you front load as well and is very good!

[dorset70]

Thanks for all the responses, still sat here filling out my iva forms and had taken out my bank statements to go back to HSBC this afternoon but decided not to go and telephoned them telling them to cancel my application, she asked why and I told her I found the lady very unhelpful etc etc. Thinking about it now, they were in our local echo a while ago as one of their branches in a posh area of dorset decided not to offer over the counter services anymore to customers unless they were premier customers ie had a property worth over so much or earnt so much a year, disgusting. There was a lot of publicity and views over it. After advice am going to go with nationwide and open a flex account.

It is so nice to finally be able to have people I can chat to about this as don't want any of family or friends to know situation I am in and it really helps to have found this forum. No one judges you which is a relief.

Have a feeling may be posting on here quite a lot in weeks to come!

[allan.f]

Hi,
Most of us on this site have been to hell and back,always remember there is always a solution no matter how bad things seem,we are all here to help and support each other.
Allan

[dorset70]

thanks allan, its really good to know that, normally am very positive and trying to keep that way as much as I can.

Thanks.