www.iva.co.uk

Hi,

I know some folks were worried about the Co-op bank closing cashminder accounts when they discovered the holder was in an IVA. Well I've been worried about this too.

Today I received "A guide to changes" which is the new terms and conditions for the account.

There's a lot in there but I can see no mention of anything to do with IVAs and I also checked their terms and conditions online for the cashminder and can see no mention.

Has anyone had their cashminder closed?

It doesn't look to me like it should be.

There are new T&C's for all smile (co-op) accounts which state that entering into Bankruptcy or IVA after application is a breach of the agreement - my daughter has a Student Account and this has been changed (from 16th September). Not sure if this applies to Cashminder account although they still have time to post new T&C's before 16th but I did notice this sentence in the "small print" of the Cashminder account - We may make changes to the services or conditions of this account and we may introduce new services or conditions. Changes may be to the services or these conditions for the following reasons:
• respond to changes in your credit assessment or where your card or account has not been used for 12 months." They could argue that being in an IVA is a change to your credit assessment.

Hi -- Previous missives from the Co-Op said Cashminder was staying "as is" for the time being.

I've not long entered into an IVA so the Co-op who is one of my creditors is fully aware of this. Since being notified they have closed an old current account linked to a loan but my Cashminder account at the moment is still active, so it looks like they are currently unaffected. Of course that could change.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by esgt1967

There are new T&C's for all smile (co-op) accounts which state that entering into Bankruptcy or IVA after application is a breach of the agreement - my daughter has a Student Account and this has been changed (from 16th September). Not sure if this applies to Cashminder account although they still have time to post new T&C's before 16th but I did notice this sentence in the "small print" of the Cashminder account - We may make changes to the services or conditions of this account and we may introduce new services or conditions. Changes may be to the services or these conditions for the following reasons:
• respond to changes in your credit assessment or where your card or account has not been used for 12 months." They could argue that being in an IVA is a change to your credit assessment.

I saw that part, though it's referring to them changing the "services and conditions" and later they use the same phrase referring to changes in interest rates.

I guess different interpretations could be applied to these words but it's not directly saying entering an IVA is a breach of conditions.

I suppose only time will tell.