Hey guys can you work this out please? My IVA was approved 2 weeks ago. I have current account with the Co-op and have just applied for a basic savings account. The guy from co-op was really nice and went through the application but I was unscuccessful! Can't understand it, I already have an account with them and I haven't applied for credit! I am worried now in case they say I can't have a current account! Please advise!
you should be ok with your current account. I suppose the reasoning might be that if you are in an iva then it is unlikley that you will be able to save a lot and the cost to the Co-op of setting up the account is probably not re-couped if the account does have much deposited in it. Basically how banks work is that they lend a high proportion of the money people save to other people and through how it then works with the holding banks they can multiply this lending several times over and it is based on the assumption that there will only be a few that withdraw savings allowing more lending to take place. Thats why Northen Rock really declined fast when people were withdrawing savings so fast and hence that banks are unwilling to lend at the moment as people are not increasing thier savings or worse still the savings are reducing.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
It remains a mystery to me! How can it be a risk to a bank giving someone a savings account - when you already have a current account with them! In fact it is beneficial for them!
Skippy did have trouble with a savings account with the Co-op - I think she has managed to get one now though.
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
These banks must be daft! Why on earth turn someone down who wants a basic savings account? I will find out if Secure Trust do one, I am sure they would.
I'm pretty sure you can do an e-savings account with Nationwide.
I agree though Melanie - it's not as though you are asking for credit is it? It's your money!
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
Hi,I also was declined, I asked if they could appeal the decision (which they did) and I was accepted after about three weeks of waiting for a decision. I now have a second account with them and when I applied for this one it also had to be referred. it was worth doing though.
