I need to find a new bank, help !

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stewpots

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Post by stewpots » Wed Sep 15, 2010 3:15 pm
Two months into an IVA and First direct contact me out of the blue telling me to buggar of after 19yrs banking with them !

I have never had any debt problems or late payments with First Direct.

I assume I cant appeal (she said it was company policy)

Any suggestions on a good basic bank account that accept people in IVAs

Obviously I know I can’t have overdraft /cheque books but is there any that allow chip and pin

I.e. for online purchases or just paying petrol at the forecourt

Rather depressed

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Last edited by stewpots on Wed Sep 15, 2010 3:17 pm, edited 1 time in total.
 
 

Tina Shortland

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Post by Tina Shortland » Wed Sep 15, 2010 3:22 pm
Hi stewpots - welcome to the forum. Sorry to hear about your account problems but it is a well known issue with the HSBC group so whoever advised you should have forewarned you.

That said, the Co-op Cashminder account is a good one to open and they accept people in IVAs. You need to check you haven't got any debt with them first. You can try any of the high street banks that do basic bank accounts with no credit facilities if the Co-op is not an option for you.

Hope you get it sorted soon.

Regards,
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kallis3

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Post by kallis3 » Wed Sep 15, 2010 3:22 pm
Hi, and welcome to the forum.

Unfortunately First Direct and HSBC are well known for closing accounts of those in an IVA.

Co-op, Yorkshire and Barclays bank accounts are all recommended by posters on here. I think the most you will get is an electron card, but it is chip and pin. Not sure about petrol stations but I think they can be used online.
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Skippy

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Post by Skippy » Wed Sep 15, 2010 3:23 pm
Hi and welcome to the forum.

First Direct and HSBC have a policy of closing the accounts of people in IVAs for some reason. The Co-op Cashminder account is highly recommended on here and is IVA and BR friendly.

You can apply for the account on the phone or in a branch and it comes with a Visa debit card and internet banking. I'm not sure if you can use the debit card for pay at the pump though.
 
 

karen

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Post by karen » Wed Sep 15, 2010 3:41 pm
That is appalling treatment especially as you have had good record with them grrrrrrr........
I had no idea that some banks could do this.
I am with Lloyds opened at the time of the IVA and we have a visa debit card. The lady who we spoke to ended up pouring her heart out to us when we told her we were going into an IVA turned out she was having similar problems.Dont worry I'm sure you will find something just be honest and dont be ashamed you are doing your best to sort your problems, go into the bank with your head held high and try and open an account on a one to one basis with an assistant.
Good luck
Karen
 
 

kallis3

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Post by kallis3 » Wed Sep 15, 2010 4:01 pm
It makes no difference with HSBC or First Direct. They actively trawl the Insolvency Register, and if you are in a DMP or IVA they will close the account, regardless of whether or not you have debt with them.

Totally wrong in my opinion and a pity something can't be done about it but I guess it's down to the policy for the individual bank.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

stewpots

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Post by stewpots » Wed Sep 15, 2010 4:07 pm
What a nice friendly forum , with good advice already

Just a brief back ground about myself

I was £85,000 in debts lost high paid City Job and after 9 months out of full time work had to go down the IVA route. With £27,000 of debt with MBNA alone and them wanting 29%APR or £700 interest a month anything else became a non starter.

At least the phone calls and letters have stopped now.

I tried very hard to get back into work but being nearer 50 now then 40 it was hard.

I was told I was the worse fork lift trucker they had ever had on a course I went on , I was trying to get back into any type work!

Anyway back in work now for 10 months with other income so things are looking up.

Co-op and Barclays are part of IVA so assume can’t use them. I assume I need to find a bank that I don’t have debts with.

I don’t know if this basic account allows you to use chip and pin to buy weekly train card, petrol etc or I will have to carry extra cash for the next 5yrs

First direct said I could try HSBC and I have an appointment with them this Friday, from what people say they don’t accept an IVA as well!! I told them I was in an IVA , bank near where I work

I thought as I never had a problem with first direct I would be ok

Funny a week ago they agreed a new £1,000 over draft facility (I appreciate with IVA you can’t have that and I wouldn’t use it)
 
 

Broke of London

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Post by Broke of London » Wed Sep 15, 2010 4:11 pm
Hi, lloyds have been great to me. I have a regular current account opened when I was putting my proposal forward. I even get a higher rate of interest on my credit balance cos I don't have an overdraft...still only about 60p a month tho! They also offer Internet banking and a great savings account called save the change - it rounds up card purchase to the next pound and transfers them to an instant access savings account.
 
 

kallis3

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Post by kallis3 » Wed Sep 15, 2010 4:13 pm
HSBC and First Direct do not like IVAs - why I don't know if your account is going ok.

Try Yorkshire Bank or Natwest basic account as I think they are ok. You could also try Nationwide Cashminder. They have just upgraded the card on that.

I also applied for, and was accepted, for full Santander account. I cancelled it as they messed me around with the cards, but I was accepted whilst in the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

adogillo

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Post by adogillo » Wed Sep 15, 2010 4:40 pm
Sorry Stewpots for jumping in on your OP but does anyone know what banks take on BR customers?
 
 

kallis3

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Post by kallis3 » Wed Sep 15, 2010 4:44 pm
Co-op are fine as far as I am aware.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

stewpots

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Post by stewpots » Wed Sep 15, 2010 5:19 pm
kallis3 wrote:

Co-op are fine as far as I am aware.
I assume I cant approach a creditor who is within my IVA. I owed the co-op £9,000 now within the IVA
 
 

kallis3

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Post by kallis3 » Wed Sep 15, 2010 5:23 pm
Sorry stewpots, I was actually referring to agogillo in my last post.

You could try Nationwide or Natwest or Yorkshire stewpots.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Pandy

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Post by Pandy » Wed Sep 15, 2010 5:41 pm
I have a Natwest step account, it gives me a visa debit card which i have bought petrol with etc with no problems.
If life is what you make it, I must have been in a strange mood when I made mine
 
 

Goosed

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Post by Goosed » Wed Sep 15, 2010 6:51 pm
Hi stewpots,
I`ve got a Yorkshire readycash account. It comes with a maestro card and has very good internet banking facilities.
You have to make an in branch appointment to open the account, I actually opened my account before starting my IVA proceedings and whilst all my creditor commitments were still up to date, so I don`t know how you`d go on applying whilst in an IVA.
Best of luck.
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