Am i allowed 2 basic bank accounts with different banks ?

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Stephendk3

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Post by Stephendk3 » Thu Oct 30, 2014 9:21 pm
Am i allowed 2 basic bank accounts with different banks whilst in an iva
i am worried about saving for my car insurence and want to put monthly payments away in case i have trouble getting credit when it is up for renewel
 
 

linrog

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Post by linrog » Thu Oct 30, 2014 9:23 pm
im sure as long as your ip knows about it and its in your i and e there should be no problems
full final paid over 29/2/16 cc arrived 12/4/16 its all over
 
 

Foggy

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Post by Foggy » Thu Oct 30, 2014 9:39 pm
There should be no problem. I had, and still do, 2 cashminder accounts. One I used for DD's etc and putting aside things like car tax and the like, the other I transferred the housekeeping allowances into and spent from there.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Shining

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Post by Shining » Thu Oct 30, 2014 10:39 pm
Totally agree, I had two as I needed a cheque book with one for daughter's school purpose.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

linrog

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Post by linrog » Thu Oct 30, 2014 11:06 pm
wow u lucky getting a chequing account
full final paid over 29/2/16 cc arrived 12/4/16 its all over
 
 

skint til payday

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Post by skint til payday » Fri Oct 31, 2014 7:12 am
I opened two accounts whilst in my iva and had no problem however, don't use a creditor who you've defaulted with previously and maybe look at the Coop or Barclays. HSBC will not allow you to do anything whilst in an iva and ALL banks now seem to do a credit check even for a basic account as Ive had a few during and after my iva as I see them on my credit files on line.. Good Luck!
 
 

Credit-King

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Post by Credit-King » Fri Oct 31, 2014 1:16 pm
Funnily enough, I opened a second account just this Monday with Barclays which is now up and running. My other account is with co-op. It will be interesting to see how the Barclays one goes though as I screwed over Barclaycard with the IVA.
 
 

urbanfox

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Post by urbanfox » Fri Oct 31, 2014 1:42 pm
There should be no problem having 2 accounts just as long as they don't provide overdrafts etc. I had 2 all through my IVA, one purely for all the bills on DD and the other with regular spending. One was a newly opened account with lloyds who were not a creditor and the other was an account that i had had open for years with a creditor but they allowed me to keep it running and didn't try anything funny like taking the money out
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
 
 

Shining

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Post by Shining » Fri Oct 31, 2014 2:18 pm
I applied for a Co-op account when opening my IVA and I do believe that despite sourcing an IVA my credit rating was still good at that time hence why they gave me the smile account. I only ever used it for the cheque book purpose (for school) and I used my basic NatWest account throughout my IVA and still do.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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