We have had a terrible time with NatWest since I entered into an IVA. My Wife and I had a joint account which we have since settled but NatWest have cancelled not only mine but my wife's current accounts (as well as the joint account) and have taken what money she had in credit. We are still linked via the mortgage (NatWest) but this has never missed a single payment and remains that way to this date.
My question is why is my wife being so adversely affected. I have a basic bank account and yet she cannot even get a bank standard bank account and has had all other accounts (NatWest removed) from her credit file other than the joint account which shows as settled (they don't even show her current accounts on Experian?!)! Her credit score is exceptional and she has no loans or overdrafts and only a small credit card balance that has never missed a payment. So why is she being punished for my mistakes???? NatWest has accepted top look into the matter but has only sent holding letters even though we have said we are going to the Financial Ombudsmen.
Any help and or advice would be greatly appreciated.
What have the bank done with the money which was held to your wife's credit?
It must be so frustrating to see your wife dealt with in this manner, but in fairness to the bank they view you both as being associated, and this is demonstrated by the joint loan and mortgage. If I were you, I would both find a more supportive bank - and one that neither of you owe any money to.
HI Melanie, thanks for the response. The joint account that we held together had an overdraft but was settled in full. We still have the mortgage (no loans) with the bank and as I am in the IVA I cannot go elsewhere (I assume that no-one will touch me!) The money held in my wife's account was simply taken, the account closed and nothing returned, even though she doesn't owe anything. But the odd thing is that she can't even get a regular bank account now (with a cheque book etc.) and we don't know why not? We cannot see anything on her credit file anywhere and we've paid for the full report from Experian.
Thanks again
Ian
I didn't get married during my iva for this exact reason. Most people think as its individual a spouse won't be affected but I was advised both by a solicitor and my ip that as man and wife there will be implications.
I got married last year before my BR dropped off my credit file and it caused no problems for my husband - it's not being married that causes the problem, it's having a joint account or mortgage.
Are you saying that NatWest stole money from your Wife's sole current account and that it was not merely her share of funds left in your joint account (the joint account funds will be fair game I'm afraid)?
Assuming also that only you are in the IVA (ie: it is not a joint or interlocking arrangement), then I believe I am correct in saying that NatWest should not set off funds against your Wife's account.
I believe your Wife is well within her rights to demand NatWest return HER money. Definitely one to take to the Ombudsman if they give you any hassle.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
I actually do not think that the bank have acted appropriately here. Get them to give you chapter and verse in black and white as to where their authority to act, in the manner they have, is derived from.
Thanks everyone. Sadly we did not get good advice from my IP so we unaware of the impact on my wife. Nat West have closed and taken all of the money from my wife's sole account (she's had it in her name for over 20 years) and we have asked for a full investigation but just keep getting letters asking 'for a few more weeks to review things'. The Ombudsmen is the next step. I can accept my IVA and the fact that I am paying back what I owe, but this is too much. Without her NatWest account my wife cannot even get a regular account elsewhere which seems unfair given an unblemished credit history. Thanks again for all of the responses and I'll keep everyone posted in case you know people in a similar position.
Ian - it worth getting you wife to try Nationwide (for her single account) - it outlines the criteria at the start of the application. At at least it gives you the decision on line
I would definitely get your complaint in to the Ombudsman soonest. They have a long waiting list, and the sooner you refer it the sooner it is likely to be dealt with.
Not posted for a while, but this post perked me up.
I find banks increasingly intolerant with IVAs and examples are plentiful and this is a classic one.A one off?
I have completed my IVA and FINALLY overcome the PPI hurdle to get my completion certificate, while the cliams/counter cliams (offsetting) has gone to Ombudsmans.I instigated support for a creditors meeting and got their support.
What incense me is how the banks are still using the IVA records against first time home buyers on the new government assisted schemes even if one of the buying parties is not in iva?
I can sympathize with the poster in my own way.I leave it there as I will be going off on the boil.
Last edited by nonewdebt on Thu Aug 08, 2013 9:21 pm, edited 1 time in total.
Considering Natwest was bailed out by the taxpayer I find their attitude very poor. I've recently changed my bank account and, while I couldn't apply to Natwest as it was my main creditor, I looked at the current accounts Natwest offer and I was disappointed to see that one of the questions is 'have you EVER been bankrupt?'
Thanks for the support all and I will continue to update on progress. I realise that my wife can get cashminder etc. with Barclays and Nationwide/Co-op but all she really wanted was a regular bank account with NatWest until they stole her money and closed her account without notice and without reason (so far!) We await updates and the return of funds due (as we do not either jointly or owe anything to NatWest other than a mortgage which has never missed a single payment in 10 years!). My wife ideally wanted her own account with a cheque book and possible a small overdraft facility which we now realise will never happen. Mistakes happen and in this case they are all mine, it just seems a shame that others suffer...if I were a business it would mostly be written off as bad debt (which most of it should be but I took it on personally), I will eventually pay everything back but in the meantime those around me suffer too, which seems more than a little unfair. I'll keep you all posted and thanks again for the support/comments.
