www.iva.co.uk

Hi,
Me and my partner are considering an IVA, and the first step we need to take is to find a new bank account which is not one of our creditors. The only ones who we do not owe money to are The Co-op and nationwide! I applied online for a co-op current account earlier and they have just emailed me to say we were declined and we havn't even started the IVA process yet. Should I have applied for the cashminder account instead? Has anyone been declined for this one? Im so worried that we will never get another bank account and won't beable to start an IVA.

aww annie i applied for the cashminder and was in bad credit rating then if not natwest santander and yorkshire bank do basic accounts good luck hun dont worry you'lle get one xx

It looks like your credit score is already damaged, unless there were other reasons for being declined. Are you on the electoral roll ?

The best account to try for would have been the Cashminder, which you will need to phone them for (they don't open this one online).

I can't try Natwest or Santander as they are creditors

I think our score is prob already damaged as this month all our payments were late or missed.

Do you think I will get turned down for the cashminder account aswell? I was reading online that they usualy accept bad credit/iva/br. We are def on the electoral role for the last 3 years.

i think you will be ok with the cashminder account but you do have to apply on the phone and they send you the forms or go into any branch with id. the yorkshire bank readycash account has a very similar criteria good luck !

Some forum members have actually mentioned their IVAs to Co-Op when applying for a Cashminder (although, personally, I would keep schtum unless pressed) and they have been accepted.

You should be ok with the Cashminder, it's the one the vast majority of posters open. The one you tried to open online would have been a normal full account and if your credit rating is rubbish then that is probably why it was declined.

thanks everyone. I will phone the co-op tomorrow and apply for the cashminder. hopefully they will accept us!
If not does anyone know anything about credit union current accounts? do they have strict credit scoring? Our local one says they come with a visa debit card. but that the application takes 7-14 days!

I'm not sure about Credit Union accounts at all, hopefully one of the experts will be along to advise.

Hopefully the Co-op will accept you.

Hi annierose - I did the same thing, applied on-line and was turned down. Rang them and the guy I spoke to was really helpful. I did tell them I was going into an IVA and that I had applied for the wrong account.

Don't panic if they say it has been referred - my application was. I rang them 48 hours later and it was all ok and they gave me the details over the phone so I could start changing wages over etc.

I know not many people like thinkbanking, but i use them and think are very good.

There will be options for you but do try the cashminder as a fair few of our posters apply for and use this account very successfully. All the best and let us know won't you as it will help someone else. x

Annierose if co-op don't accept you - which I doubt. Then try Yorkshire bank - ask for basic account they check electoral roll for that account not a full credit check as such. Try to keep away from monthly payment banks - no need for them.

I agree langerbridge - I'd only use a fee paying bank if I couldn't open an account anywhere else.

langerbridge, I disagree with your comment about no need for monthly payment banks. I was turned down 3 times for basic bank accounts and yes admitting as a last resort I went to monthly paying Thinkbanking account. I felt I had no choice but to go down that route but almost 5 years on I don't look back. Their service is great. Good luck Annierose with getting an account and don't worry you will get one sorted.