My IVA was completed in May 2014 having payed a full and final settlement after 1 year. Before I commenced the IVA I opened a new current (not a basic account) with Natwest as I had no debt with them. A few months into the IVA I had a letter from them to say that as I was in an IVA they were changing my normal current account to a basic account. Now that the IVA is completed I have tried to open a normal current account (I don't want any credit but just want a normal account so that I can use my card where I want to) but Natwest are saying they will not give me a normal account until the IVA is removed from my credit report (another 5 1/2 years), I have also tried Halifax and Nationwide but they won't either. Where can I get a normal current account? My credit report shows most of my debts as settled apart from 2 defaults which I am still in the process of changing.
Go for a Co-Op Cashminder. It is still a basic account, but you get a Visa Debit card which can be used anywhere. I went over to Co-Op at the start of my IVA and see no reason to change to a "normal" account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'm afraid that Natwest are right in saying that you will be unable to open a mainstream current account, offering credit by way of overdraft or not.
Although you have been fortunate enough to satisfy your IVA early, the details of it remain on your credit file until six years have elapsed from the day it started. This will restrict you to basic bank account until after the six year anniversary.
Like Foggy, I have a Co-op Cashminder account with debit card that works fine online at petrol pumps etc. They offer online banking too. No cheque book but I have no need for one. Good luck !
I opened an everyday bank account with Santander, this is an account where I have a visa debit card and cheque book but no overdraft. I opened it online with no problems.
Try Yorkshire Building Society ..iva friendly.
However whilst it is on your record you may struggle ...remember each application made for an account will leave a mark on your credit file under searches ....
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
