www.iva.co.uk

Dear Forum

I am about to enter into an IVA - have cut up my credit cards, stopped DD payments to my creditors (Still waiting for first payments to not go through though) and am trying to open a new Bank Account before entering into the IVA. I would feel more comfortable to have the new account set up before actally going ahead with the IVA - safe in the knowledge that my pay and all my SO's and DD's have been transferred to the new account.

Many people have recommended Natwest so I decided to go with them but am having problems. I initially wanted to open their Basic 'Step Account'. I went into the branch and was initially told I would need to show my last 3 months statements from my HSBC account (they asked me if I had an account elsewhere and I told them that I did - should I have said that I didn't???). So, I then went back home and applied online and then a few days later I got some information back from them in the post which asked me to go into the branch to complete the application process. I went into the branch about a week ago now, showed them my ID etc. and also asked about opening a savings account, for which they gave me some information and forms to fill in. I went back into the branch yesterday to return the forms for the Savings account and asked them how my application was coming along. They said that the application had stalled and did not know why???!!!

At this point, I asked whether it would be possible for me to have a current account rather than a Basic Account (as I haven't actaully missed any payments to my creditors as yet so thought it might be useful to have a debit card to be able to pay for food shopping etc.) and they started getting a bit awkward with me. Firstly, they said that I could not open a Basic Bank account if I already had an account elsewhere, and secondly that if I wanted a current account then I would need to provide a statement with no bank charges on it (which might be diificult!!!).

So, I feel like I've hit a brick wall with it. I don't want to let my current bank (HSBC) know I am entering into an IVA until I have a new account set up and know my wages are going to get paid into it and not be taken by HSBC, but I am going to find it hard to get a statement with no charges on it. I am due to be paid on the 22nd and my next lot of payments are due on the 23rd so I would like it all to be cleared up by then. I really don't want to make any more payments to my crditors.

Any advice / info. would be greatly appreciated!!!

Cheers!!!

hi

we had our iva aproved in april, prior to that we banked with hbos which was a creditor of ours, i changed our account to the co op bank, the account was opened smoothly and because our credit rating was good at that point we have an account with a debit card and cheque book. they were not bothered that we had a current account elsewhere. if you having no joy maybe you could try the co op bank i know a few people on her who have recommended them.

hope you get sorted soon!

barb x

Unfortunately, one of my crditors is Cooperative Bank, but I would like to go with them - they are one of the better of a bad bunch - ethics etc...

o snowman

co op no good for you then! i will keep thinking!

barb x

List your creditors snowman then we may be able to help you out by finding a bank you dont owe money to!!!(there has to be a basic account out there waiting for you)

HSBC
Cooperative Bank
Egg Card
Student Loan Co.

Hi

Try Nationwide basic account.

Regards.

Neil

You can also try Abbey - they have had positive feedback on the forum.

Or think banking, it is £12.50 a month, but no other charges, and you do get a maestro card. I went off them a while ago, but now they have sorted the problems out ie waiting times and direct debit problems im more than happy with them.

would lloydstsb not be an option too??

This might sound like a crazy idea, but if you have a local Co-op branch, go in there and explain your situation and ask if you would be allowed a Cashminder account with them. I remember reading somewhere that someone was allowed to keep a Cashminder account even though they were an IVA creditor.

I was with Barclays and wanted to sort a new account before defaulting. I made an appointment with the manager at the TSB, just said I wanted to move from Barclays - no reason. Just had to take passport for ID, utility bill proof of address, it all went through there and then, they did credit check but I managed to do the account before going into default. I have a current account with cheque book and debit card. Changed my salary into the new account and all the dds before started to sort creditors out.

natwest are good

Gave up on Natwest yesterday - they are a bunch of ~@#£^&%£%^&*(@?:><'s (not sure what???!!!).

They would not let me have a BBA because I already have a bank account, and they would not let me have a current account because I have charges on my statement!!!

They really tried to talk me out of the whole IVA thing too...

Not sure what to do now...my head is in pieces...