www.iva.co.uk

Hi,

Like a lot of people in an IVA I have a basic Step account with NatWest, and I have been fairly pee'd by their change of rules when it comes to using cash machines.

Today I was in the branch and whilst the cashier was dealing with me she asked if I'd ever considered upgrading my account. I quietly explained that I had but wouldn't get through the credit check so hadn't done anything about it. She sends me off to chat with an adviser in a private office.

Once in the office I explained about the IVA etc and was told I could upgrade my account to a Select Account without any credit checks, but the account has a charge of £8 a month. Apparently as long as your account is in good order and none of the restricitions (overdraft, cheque book etc) are changed the advisers can over-ride the credit check bit and upgrade the account.

For me the £8 a month charge actually saves me money, as it gives LoveFilm and an insurance which currently cost me more.

So I'm well happy !

So long as you're happy paying the £8 @ month then that's a good move to you.

I upgraded online with Natwest from Step to Select with no problem and no monthly fee. Doesn't work for all as a few posters have tried with no success.

It's always cheering to hear of a bank valuing out business. Great news Sophie and to get LoveFilm is a real bonus! I don't mind these value added accounts...I'd pay if Lloyds offered one that met my needs. But there's often a lot of guff and no substance...the Nat Wrst account sounds cool x

That's good news Sophie. How very understanding of Natwest as well to let you discuss it in private rather than shouting your situation throughout the bank as others have experienced.

I was in Nat West the other day and the cashier was trying to persuade me to apply for a remortgage. Felt like I was back in the old days. However I think I may try and have a chat with our local branch and see if I can get my account upgraded. Sophie can you please tell me how long you have been in your IVA as I'm wondering if this makes a difference x

My IVA would be 3 years old in May, but it was completed with a F&F late last year. But to be honest the NatWest adviser really didn't seem interested in the IVA, he understood I wouldn't pass a credit check and was happy to over-ride their system to upgrade my account .... but as I said before the basic account restricitions of no overdraft etc still apply, I just get a new card and can use all cashpoint machines.

Thanks for that Sophie x

Hi all, I have read this with great interest. When I took out my IVA i specifically told by BE that I could only have a Basic Account - was that incorrect?

As a GT customer perhaps I should refer this to Karol for clarification?

you can have any account you want !!! - trouble is if your credit rating is shot to bits - a basic account may be the only one on offer.

The only thing you shouldn't do is have an overdraft, otherwise if you can get a full account then go for it.

kallis - would have thought £20 overdraft - as a safety measure for poor accountancy would prevent any unauthorised borrowing - hence save any hidden changes (which there are loads !):-)

I was under the impression that you couldn't have an overdraft at all. I have nothing on my Nationwide Cashminder (to be expected) but my Barclays full account doesn't even have a reserve so if I go overdrawn I'll get charged.

The safest thing is to make sure that you don't go overdrawn.

I remember Michael Peoples (I think) posting about overdrafts and saying having an overdraft facility isn't a problem providing it's not used, i.e. only used as a buffer in case of emergencies.

I applied for one for my Nationwide Flexaccount (I only wanted £50 in case something goes out when I'm not expecting it!) but needless to say they wouldn't let me.

trouble is - i sure there are times when we all forget about the odd transaction we make (i know i have) so our account balance is not right . RBS/Natwest - charge £6 per day for unauthrorised ODs. £20 limit is just in case of this.

My understanding is the same as Kallis - whilst in an IVA having any kind of overdraft is a no no. We had to remove the facility that came with our account even though it was only £100.