www.iva.co.uk

As probably many others did when taking out an IVA, I opened a basic account with the Co-op. I'm increasingly concerned with the financial position of this bank, has anyone any suggestions as to who I could transfer my account to?

No need to look for another basic account. I have have the Co op card for over 6 years.Still have it.Returns a green entry on my credit file every month.
Government guarantees to compensate up to 85k deposit savings in case it becomes another Northern Rock.

A back up plan may be sensible so look for a basic account elsewhere so if the co op do go belly up you arent left hunting around for a new account.

Paul

I think they're more likely to get taken over than go bust.

You won't be able to go with Nationwide or HSBC,but other than that your free to go with whoever will take you. I don't think you need to worry about getting an account with a creditor like you would have to pre iva.

Martin

What's the best way to try and open a basic account. I tried Barclays online and got declined even though I paid my iva off last year. I know I will have to wait till June next year for my credit files to be clear. Also how long should you wait before applying somewhere else.

I have a current account and savings account with the co-op ..... I personally don't see why you need to move banks yet ..... I would wait !

If you are determined to move banks then look at the halifax or the yorkshire building society ...both appear to be iva friendly

I've been turned down for Norwich & Peterbourgh (part of Yorkshire Biulding Society), I have been accepted by Bank of Scotland(pre IVA), Lloyds(during IVA) and Nationwide (pre IVA)

The Halifax\Bank of Scotland (and possibly lloyds) basic accounts are due to get better soon as they are removing the restriction on only using lloyds group cash machines

Martin
Martin

I've tried to transfer my account to Halifax and Nationwide and both turned me down so for the moment I will stay with the CO-OP. My credit file should be clear by October this year so if CO-op is still having snags then I will try again.

Hi im with co op but also on Saturday opened basic with Barclays no problem, you have to go in branch with proof of id no credit check is done but you have to go into branch the person who applied online was fir current account not basic hence declined as credit check for current but not basic there fore you required to go into a branch. I found no problem, im loyal to co op as they helped me in my time of need, maybe that's why in trouble helped people like us lol