If it is the one with RBS, then I'm surprised at a prospective IVA company telling you to open one with them when they are a creditor.
The only things I can find on the account are all American and it's a prepaid card account. I'm sure there must be others with the same name, but if you were going to use one of those sort of accounts, I'd use a British one. I wouldn't use one set up for me that I knew nothing about.
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 would certainly try the Co-op or Yorkshire Banks. They cost nothing!
Whilst I can get free banking I will do so, I have better things to spend £12.50 on, especially in an IVA.
I think it is wrong of this company to have set an account up without giving you the full facts of how much it would cost.
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 Simbel. This account is £150 per year to operate which is a substantial sum. The Halifax have a 'Rewards' account that pays you £60 per year if you deposit over £1,000 per month and Alliance & Leicester pay you up to £100 to switch to them.
It does seem to be operated bt NatWest but there are cheaper and potentially better options available and so you should certainly shop around. I doubt if there would be a problem having NatWest debts and operating one of these accounts but it seems a bit unnecessary.
There are an awful lot of transaction fees as well. 50p to make a cash withdrawal in the UK for example. If you want a cash advance in the UK it will cost £3.50. I am actually curious to know what that is - sounds a bit like credit to me.
You can only upload a maximum of £1,250 each time, so if your salary is more than that, you are stuffed.
There are better prepaid accounts round than this one.
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 just going to say as well that it doesn't do direct debits.
Personally, I think you are doing the right thing by cancelling that. If they try and persuade you otherwise and you have any other questions about it, please come back to us.
Give the Co-op a bell.
We're here for you with any questions you have.
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
Hello, I've just cancelled the account (sent them an email saying I don't want this account) - I've also cancelled the the person coming round on Saturday 31st October, I said I had not received a pack as yet and they replied that it wouldn't have been sent in the post but rather by email - well I haven't received anything by email either! So now I'm back to square one - I'm going to try and open an account with the Co-op at lunchtime by telephone as well.
But as for the IVA company - I am totally confused now - I've given this present company all my details - they have everything - can we mention who the company is here on line?
You can mention who the company is if you like but it does not matter. If you have provided them with information over the phone and not all your documentation there is nothing to be concerned about. Any IP firm will have a long discussion with you and then send a list of requirements to back up the conversation.
Given that the pack has not arrived and you have not sent them your wage slips, bank statements etc means there is nothing to lose by speaking to anyone else. If you have sent the documents you can request them back if you decide to use a different firm.
You can mention them, it would be interesting to see who they were.
As Michael says, if they don't have your statements etc., then you will be able to change firms quite quickly.
Hope you get on ok with the Co-op - let us know.
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
The company is Debt Free Direct, as I previously said - the gentleman on the other end of the line was very nice and not at all judgemental - the only problem is that they haven't emailed me any pack - I am going to speak to someone from ClearDebt today, hopefully at 1.00 pm.
Don't be scared. DFD do actually have a good reputation, but I've never known them to open up a bank account for you before.
Click on the expert link on the left - give a couple of those a ring and they will sort you out.
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
My colleague has just tried you, if you are who I think you are, with no answer. He assures me he will give you another buzz in the next 10 or 15 minutes or so to follow up.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
