any credit whatsoever impossible after IVA?

[jo_r]

Hello,

I have heard that after taking out an IVA it becomes impossible to have any credit whatsoever, no one will even give you a bank account. Please could you advise me?
Thanks

[Andy2]

Whilst "IN" an IVA it will be a condition of it that you have no credit whatsoever - so even if you could find a lender who would lend to you it would not be allowed. As for bank accounts, some banks will allow you to have a basic account.

When an IVA is COMPLETED you can at least apply for credit again but your credit file will be impaired for 6 years from the start date of the IVA. But why would you want credit again ? It is evil - most people in DMPs, IVAs and BR learn that credit is evil the hard way. Apart from a mortgage I would recommend avoiding all "normal" credit altogether.

[Darren]

Hi there J-or, this is if your IVA gets rejected, which people do find including myself and shouldnt look like a SURE THING! Get more advice before you think your getting an IVA ring CCCS they tell you as it is,weather you like it or not what will probably happen for sure, i thought they were out of order, turns out they were right, and it wasnt so bad at all, if not better id say. This is what i was told re my Bankruptcy and my bank accounts, i know its not IVA, but here goes anyway, i was advised this afternoon by the Officail Receiver that they advise the bank what to do then its up to them, if your wages are going in etc any money in them (not Huge ammounts i assume lol), will be frozen then sent to you, if you have things like debit cards with it or an overdraft the bank will be advised to close it....but if you have an account basic no cheques or no overdraft and no debit cards they advise them that you have gone bankrupt, leaving the decision with your bank if it doesnt mind having bankrupts with accounts, your money (wages) and direct debits etc shall be fine, but be sure, find out by making the call, and if your still not satisfied take your money out you have in there . Nationwide is one im told doesnt mind, phone your bank and ask how or if they allow bankrupts to hold an account if not go to Nationwide for a basic account....im not a professional on this subject so make the calls hope i helped you here Cheers Darren! (by the way i have not had to pay anything but the £485.00 for the petition for Bankruptcy) Which is quite a good deal i feel. Free to find someone to give you credit after your discharged! normally a year but on your credit file for 6 years....And as Andy said do you really want more credit, if your found to be wreckless the Bankruptcy will last a lot longer, just be careful! and dont be in such a rush to get more credit, realise how you got here! Kindest Regards Darren!

B word not as bad as you`d think ? (im gonna find out soon)

[MelanieGiles]

You can take out credit whilst in an IVA - so long as it is with your Supervisor's express permission. This is usually to fund specific purchases such as property or cars,and the repayments must not affect your ability to continue with your IVA payments - unless the IVA is formally varied.

As for getting a bank account - there are many posts on this forum from people who have opened new accounts - suffice to say it is a fairly simple task.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[suzz]

Hi my husband and i tried to open basic accounts with Nationwide and were refused, just to point iva not up and running yet, paperwork still being processed.

Suzz

[Storm]

Unfortuanately there isn't a fixed set of rules as to which banks will accept your application.

It is important to state you are looking to apply for a basic account and ensure that you don't apply for an account associated with one of your creditors.

[Skippy]

Suzz, did you try to open the account online or in the branch? It is often easier to open the account face to face.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Suzz
There seems to be two types of Nationwide basic accounts,one offering a debit card[credit scored] and one offering just a cashpoint card[not scored].
It could be that they tried to get you on the credit scored account.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp