www.iva.co.uk

I started an IVA in 2005 and have a basic bank account, but it takes 7 working days for a cheque to clear. Can I open another basic account whilst on IVA or is it similar to bankruptcy?

Hi Mike ... and welcome to the forum.

I may be wrong but I think that probably most accounts take about that time for a cheque to clear nowadays. You may be able to open another account but your IVA will show on your credit record so it will be at the bank's discretion.

I am in the situation where most of my income arrives via cheques ... sometimes, in emergencies, I have used one of these cheque cashing shops ... you would need to shop around to find one that gives a better rate of commission on cashing the cheque but I have found it useful in emergency situations.

The Money Shop who are associated with the Cashplus card are quite good http://www.moneyshop.tv/

Hope this helps

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

I got a basic account with yorkshire bank & cheques clearin 4 days,if any direct debits are due out they honour them while it is clearing.Handy because i have started getting paid by cheque,some times i get the cheque early or some times i get in late.

Hi Poppy
That sounds a good account.Think Banking takes 8 working days to clear a cheque
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

well if a direct debit comes out of the account earlier than expected the bank charges your account £35 but if you put the amount the direct debit is for in you account by 2.30pm that day,they still pay the Direct debit & remove the charge!
Very happy with yorkshire banks basic (ready cash)account!!!!!!!
that helps if your like me & only leave the direct debits youve to pay in & ihave therest on me in cash,i seem to budget better that way!

Hi Mike f

Who do you bank with?

I bank with the Co op and if I get the cheque to my local branch they will clear it within 4 days!

If I can't get to my branch I post it using special delivery so they will get it next day. I know it is a higher postage charge but it is worth it for speed and peace of mind!

I paid a cheque into my Co-op account by taking the cheque into the post office and it was still cleared within the week.

I used to be with Halifax many years ago and they took over a week to cash a cheque which was one of the reasons I stopped banking with them - along with those stupid adverts!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/