Ive been in my IVA agreement for nearly 3 years now. The chances of me getting a mortgage any time soon are very slim but I want to start saving - Im talking £5-£10 per month but No banks will give me a savings account - not even my own bank!! You woud think I was after a 10k loan the way they act. I only want a basic account, with no interest paid if needs be!
Does anyone else have this problem, I know the situation I was in wasnt good but for me to get a mortgage in the future without the 100% mortgage I need to save something!! Any ideas?? Thanks
Skippy, who posts on here, had problems getting a savings account, but did manage one, but I can't remember who that was with!
I am sure she will see this either tonight or tomorrow morning and let you 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
I know it doesnt make sense does it? You would think I was after a loan not trying to save abit of money!!! All the ones I have tried have done credit checks, thats what they have told me, which is why they decline me. I know my credit is bad - but for a savings account it seems abit extreme!
maybe a pro might know.
from what ive read when people open savings account banks do a money laundering check hopefully a pro can advise why savings accounts are hard to obtain
I got a basic bank account and an e-savings account with Abbey, but admittedly my IVA was still at proposal stage at that point - it was all applied for an accepted online though, and I dont recall there being any questions relating to IVA's bankruptcy. Does no harm to apply though to see.
I started a step and savings account with Natwest no problems . again I didnt have any defaults at this stage - just late payments so was no problem . In fact the manager at the branch even offered me a full bank acct with a visa debit etc - but I just took the step as it as full internet banking plus direct debits and standing orders
Ive had the same problem. I wont save loads just the odd £10. I tried applying online fo savings accounts but got nowhere even with my own bank. Yesterday though I had to go into the bank and happened to mention my problem to the cashier. She phoned me later on to go through an application for an ISA which didnt come back as declined so she thinks it will be accepted and I should hear in a few days. She said as you can have isa with a iva but not with bankruptcy, also she said online the application isnt linked to your other accounts where it is in the branch.Hope this helps. By the way it was the co-op bank.
Credit Union is an community based band of local people who get together to provide a savings and loan facility at very reasonable rates.
You don't have to take out a loan, obviously, and the amount that you borrow is dicated by the amount you have saved.
They usually pay higher than normal interest rates to savers.
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
