Banking with an old creditor

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Pingu

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Post by Pingu » Sun Nov 16, 2014 11:06 pm
Hi all,

Has anyone switched bank accounts to an old creditor included in their IVA? My IVA finished early in 2009 and came off my credit files in 2012. Im thinking of switching bank accounts to Lloyds but Lloyds TSB as they were then were included in my IVA...so im wondering if this is possible?....or wise?!?
When you reach the end of your rope..tie a knot in it and hang on!

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plasticdaft

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Post by plasticdaft » Sun Nov 16, 2014 11:27 pm
It is possible but some companies maintain their own records for longer than the 6 years things remain on credit files so you may get a no thanks answer,although I think they will happily take you on as a new customer.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Shining

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Post by Shining » Mon Nov 17, 2014 12:30 am
Hoping you're able to. My set back with the Halifax when opening a new account was the have you ever been in an IVA question all was good until then that was a new customer.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

hubert

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Post by hubert » Mon Nov 17, 2014 7:43 am
I opened an account with Barclays during my IVA and Barclays was one of my creditors.

I opened it in person and told them I was in an IVA at the start. I think that was key.

All went through OK and I walked out with a new account.

On the subject of declaring an IVA in the past, it is my understanding that you are not obliged to declare it once it's gone from the insolvency register and the credit reference agencies. However, there seems to be differences of opinion on this and I've never seen an official answer to it.
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Adam Davies

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Post by Adam Davies » Mon Nov 17, 2014 9:12 am
Hi

It will depend on the banks record keeping

I have new credit with creditors in my original IVA but there are also some creditors that have turned me straight down

No definitive answer but it's worth a try

No need to mention the IVA unless asked

Regards
Andam Davies
 
 

hubert

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Post by hubert » Mon Nov 17, 2014 4:24 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie

Hi

It will depend on the banks record keeping

I have new credit with creditors in my original IVA but there are also some creditors that have turned me straight down

No definitive answer but it's worth a try

No need to mention the IVA unless asked

Regards
Herein lies the quandary...

Many application forms ask if you've EVER made an arrangement with your creditors or something similar.

Should you say yes when it's been erased from file?

Surely no, the slate has been wiped clean has it not?

Or is the 20 year old who enters and IVA forever punished with no mortgage, no job in finance, no car loans etc... for the rest of their life? Unless they pay insane interest rates to dodgy lenders...

Not saying I have the answers. Nor, sadly, am I 20 anymore.

But in my mind something doesn't stack up if we must dredge it up whenever asked no matter how historic.

Even a convicted criminal who's been in prison gets a clean slate!
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Shining

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Post by Shining » Mon Nov 17, 2014 6:41 pm
I agree with you and wonder if that question is asked does this stay with you forever? as we are advised to answer honestly.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

hubert

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Post by hubert » Mon Nov 17, 2014 7:18 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lesley_

I agree with you and wonder if that question is asked does this stay with you forever? as we are advised to answer honestly.
I almost feel like it's a taboo subject.

[:)]
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Foggy

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Post by Foggy » Mon Nov 17, 2014 7:21 pm
Trouble is there are laws which prevent a prospective employer dragging up a criminal past -- but a lender can ask what they wish and apply whatever criteria they see fit. Wrong I know, and maybe something we should be bombarding MP's about.

Maybe start an e-petition .... Andy ???
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Pingu

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Post by Pingu » Mon Nov 17, 2014 10:47 pm
Thanks for the responses guys. I may give it a try applying online at some point and let you know how I get on. It would be lovely to be able to 'forget' about the past at some point and not have to fear that blummin question after years of squeaky clean living!!

I guess credit isnt a certainty for anyone these days though and Ive done ok so far with other things like a couple of mainstream credit cards and a mortgage obtained with a 15% deposit without the aid of a broker....so there is hope!! I just wish that niggling doubt (and that question) wouldnt be a millstone for ever

Now where do I sign that petition ;o)
When you reach the end of your rope..tie a knot in it and hang on!

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hubert

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Post by hubert » Tue Nov 18, 2014 8:23 am
When you obtained your mortgage, did you mention the IVA during the application process?
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Pingu

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Post by Pingu » Tue Nov 18, 2014 8:51 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by hubert

When you obtained your mortgage, did you mention the IVA during the application process?
It was the first thing I told them. I applied to a small building society though who used human logic rather than the 'computer says no' system [:)]
When you reach the end of your rope..tie a knot in it and hang on!

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