www.iva.co.uk

I finished my IVA 9 months ago-all completed.However I cannot open a savings account because my experian file keeps coming up.This adds negative searches to my already shot credit file but I am amazed that I cannot start to save! I do not want to borrow-I am reformed! Does anyone know where I can open a savings account without a credit check?

The IVA stays on your credit file for 6 years from your start date along with any defaults so it might be wise to wait 3 months till it comes off. However if you did a full and final before the end of your 5 year IVA it will still stay on for 6 years on your file.
P

I dont know about a credit check but I have a barclays savings account opened this yr and im still in my iva. They were also a creditor of mine so might be worth a try.

Does whoever you have your bank account with do a savings account also, if you go into your bank and speak to an advisor face to face, they are usually more co-operative than if you apply on the internet

Hiya, what about the co-operative bank? Me and hubby are both bankrupts and have a basic bank account with them, no problems at all. They have a few saving accounts and as Vickir says, call in to the branch and have a word face to face, usually works better....

Hi alyson.b
A very big well done on completing your iva succesfully, it is great to get success stories on the forum.[:D]
Glad you are reformed and I can't see why it should be difficult to get a savings account, not like you are asking for any credit is it!!

I have a savings account with the co op, but do admit it was opened pre my iva. Why not go into a branch and be honest and upfront about having been in an iva and they can give advice BEFORE running a credit check and further damaging you record.

Good luck and keep us updated on what you find
Emma x

I tried to get a savings account with the Co-op and was told no as I'd failed the credit check. I was told that I can apply after my discharge but I will need to send a copy of my updated credit file and even then there's no guarentees I can open an account!

Hi im in an iva , only made 1 payment so far. I opened a cashminder account just before iva was approved with co-operative. Two weeks ago i opened a savings account with them over the phone no problem.They have been very good cant fault them.

I think you must have been very unlucky Skippy, as when I went into the Co-op the day before we declared bankruptcy, and explained the situation to the advisor, it was they that said to come back after and they would sort out a savings account. I haven't put it to the test yet, as I want to put the OR meeting behind us first.

Let us know how you get on Wen as I've seen quiet a few people on other forums have had the same problem as me.

I opened up an Abbey NAtional Cash Mini ISA about a year into my IVA with no problems at all. The nice people at Abbey, when I explained my problem and what I wanted, said that as it was a savings account there would be no need to do a credit check (theres common sense for you!). The nice bit is as well is that you can have a cash card so that if the need arises you can withdraw some funds should you wish and I have also set up a S/O to go across once a month.

At the mo, the account is actually used to keep my car money separate so come the time for tax etc its there and hasn't been inadvertantly spent!

Lou

Thank you all so much.I will give Abbey a go!

Hi Rachellxx39,hope you don't mind if i ask , i have recently opened a cashminder account and would like to open a savings account so that if my IVA is successful i can save my emergency money.On the co-op's website they advertise an instant savings but it says they earn interest is this allowed and is this the one you have??

Credit checks on people to open savings and Isa accounts are only done to verify your identity and not to CREDITSCORE you. It is impossible to be turned down for any form of savings account if you are in an IVA.I know a chappie on an IVA who have opened 5 accounts! Apply on the web for the superlative 6% gross internet accounts. You might need to have a chequebook current account to link to these savings account to service the transfers. Don't wait to save after your IVA.

Anyone with contigencies funds should throw them in into savings account and not let it sit in most basic bank account than offers pittance of interest. In five years your contigency fund can grow.....

I have heard (and I don't know how true it is!) that the reason that banks don't like opening accounts for people who are bankrupt is because they may be hiding money from the OR which seems a daft idea to me. If I was hiding money I certainly wouldn't hide it in a bank account!

When the Co-op turned me down for a savings account they must have credit checked me - I was on the electoral role at my address at the time, so it must have had something to do with my BR. I don't know what they are like for people in IVA's, but that's my experience during BR.