Im wondering of someone could help me. I entered an IVA in November 2006 and due to a change in circumstances, it completed October 2008. This was for a lesser payment than originally agreed. All my creditors have updated their files on experian and equifax to show me as settled or satisfied.
I was wanting to update my easycash account (halifax) in to a normal current account. Im not after a overdraft or anything just access to switch card as visa elctron is still limited. They offer a good account if wages over 1000 paid in per month.
I pay in almost double that and they refused me saying that i cant get a normal c/a with them for 6 years. My IP was suprised by this, as I was!
Does anyone know of a bank I can go to for a normal current account after an IVA is completed? Im really annoyed with Halifax now!!!
Don't forget that your credit rating is shot for 6 years, regardless of when the IVA finished.
Try the Co-op, they are normally pretty good, or Yorkshire Bank.
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 think the coop will only offer the basic account that comes with visa electron etc. They say they will upgrade their accounts after a period of 6 months. I havent asked for an upgrade though. I did get a normal debit card from another bank after a year of trouble free banking, its not a full current account, just a visa debit which isnt limited, or doesnt seem to be so far. It may be a matter of waiting but I am sure you will get there before the six years are up.
Hi
I think that you will struggle to be honest.
If you want a full debit card you could use Think Banking but there is a £12.50 monthly fee.
Like Jan I am with the Co-op Cashminder and have not looked to upgrade as I have not had any problems using the electron card, I also find the online banking very useful.
regards
Just to let you know Melanie David has suggested Secure Trust to people who contact "the project" called Advocacy Alliance - feed back has been good. As a matter of interest how is that a well known respected private bank - Arbuthnot Latham are willing to aid those whom the high street will not touch? J
They are simply just a brilliant bank - all of my accounts are held with them and they provide a service which is absolutely untouchable in today's market.
Secure Trust is a sub division of the bank, and I assume that they have seen a niche in the market to develop a product to assist people in financial difficulty. As they are offering no overdraft or lending facilities, the risk to them is minimal, and by charging a fee for operating the account on a monthly basis, it is clearly a good business venture for them as well.
And they do direct debits, unlike some other paid for bank accounts!
I won't change from Nationwide unless they start charging as I am happy with the service.
If things alter though, I will need an account which does DD as not everyone accepts standing orders.
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'll stick with the Co-op even if they do start charging, but if I had to pay for an account I would choose the Secure Trust one as they allow direct debits which as far as I'm concerned is a necessity.
My accout is with Natwest. I have a full meastro debit card, cheque book, £100 cheque guarantee, ISA, direct debits, standing orders etc which has never been effected by my IVA.
They once charged my for unauthorised overdraft I went in & had a rant that I couldn't afford the £30 charge because I was in an IVA & they refunded it.
Granted they won't give me a credit card or overdraft but thats normal.
I even had a meeting with an advisor in my local branch to discuss post IVA options, they have said that if I bring in my completion certificate they will adjust everything accordingly but recommended that I should start making the maximum monthly transfer into my ISA of £300 per month when I finish making payments to the IVA. They've been great with me!
I opened a co-op afew monthe ago but I find the online banking is very very basic and not what I like to see but it does provide a debit card. I have just signed up to the ClearCash icount which costs less than the secure trust account and also offers an absolute brilliant online budgeting tool. On top of this you can also check your balance by text message and also get some great cash back deals (ebay for instance you get 15% back on purchases) all in all the best solution for what I am looking for.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
£10, £12 or whatever per month is a lot for people who are struggling when they can have a free bank account. Not all of the accounts allow direct debits, so to me you're not even paying money for a full bank account.
I can think of better things to spend the money on - it could go towards a treat each month to make the IVA more bearable.
I like to know that my payments are all sorted - my budgeting tool is me! I know exactly what is going in and out to the last penny every month. I don't have to make any bill payments, the DD does if for me, and I doubt a lot of companies will be happy to do a standing order.
I love the fact that my utility and council tax bills are direct debit - I have the bills through, and I don't have to do anything, the payments just continue.
If I had to pay for an account, I would go for one with DD everytime.
As Skippy says - I have better things to do with any spare money I have each month and will not pay for an account unless I absolutely have to.
That said, if you cannot get a normal bank account for whatever reason, these accounts are excellent.
I would certainly shop around though.
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
