Had call from payplan adviser. she has devised a income/expenses budget plan and i am awaiting it to be emailed. She said either dmp
or iva suitable. she said could do dmp til after i return to work from
maty leave then do iva but surely thats 9 months of 'extra payments' only to end up on a 5 year iva eventually anyway. we would rather go iva route straight away and get cracking on this debt.
I said about know that reduced payments for 3 months while im on smp can be weitten in to start of iva (as read on this forum).
my question to you today is how do we go about changing bank??
we owe money to lloyds, halifax, barclaycard, nationwide, hsbc and mbna.
we would like one joint account now so all money goes into one pot.
How do we change? who do we go to? do we declare potential iva?
we both have overdrafts on current accounts so no money actuslly in sccounts!!! hos do we change snd still meet DD?? im scaredand confused by it all
Hello abbiesmum. Whatever you do, if your current accounts are held by one of your creditors, do not have your wages put in there. A sniff of an IVA and your bankers will take your money, without your consent. You could if you wish, like me and my missus, opened a co-op Cashminder account. No frills, you can have your wages paid in there, have direct debits and standing orders and a visa debit card (for real time purchases only. I doesnt offer a chequebook or an overdraft.
For this type of account a credit check is not made, except to confirm your identity.
This account is IVA friendly. You could open one, your partner could open one and you could have a joint one. In 7 years i have never had a problem with them
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
Some members will be able to advise which high street banks you can go to that offer free banking facilities. One that is recommended on this forum is the Coop cashminder.
Highstreet banks never guarantee acceptance but if you manage to open one, ensure you manage it well and avoid overdrafts etc. They give you Direct Debit and standing order features like most bank accounts.
Failing that, if there is no alternative, look at a prepaid bank account. They guarantee acceptance.
Do not worry - you have come to the right place and this forum has so many great people that will help guide you in the right direction
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
TheArtit must have been writing at the same time as me! - coop cashminder is worth looking in to!
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
Abbiesmum, also, perhaps if I could offer this advice. If your IVA is on the horizon, open up these new bank accounts as soon as possible so there up and running when your IVA starts. Then all you need to do about your wages is inform your payroll of your new account number and it will be a straight switch. As opposed to starting the IVA then faffin and panicking over a new account - you will already have one waiting.
Dont worry about your overdrafts - they will be included in your IVA at the time
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
hi abbiesmum we are at the starting process of an iva, we opened a coop cashminder account, very straight forward. Online banking available also so you can keep a check on all outgoings, so a good choice for us as there were not many other options left for us with other banks linked together. We opened one straight away as soon as we decided to apply for an iva and transferred all our wages and direct debits over, so everything is ready to go, seems to be a popular choice.
This is one of the hurdles so i would agree with what Polly and Artist says here
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
How does it work with oding an OD on currrent bank accounts?? I understand need to open new account and sensible to do it soon. If open new account and transfer DD/wages i dont understand how we can
meet payments and will end up in more trouble.
We included OD in our expenditure budget so should get dealt with by any iva but we just dont understand how to manage in this interim period.
Don't worry about the overdraft, that will remain with your old bank and they may very well continue to charge (mine did) but that will all go into your IVA. IP's are aware of this and adjust figures accordingly.
My bank used to take out the loan payment each month then put it back as there was insufficient money and charge me for it! It was all accounted for.
I'm currently in the process of this too. I have opened an account with Ulster Bank, but then realised they are part of RBS who I owe money to. For those who opened a co-op cashminder a/c, how long did it take to get your card etc through? I'm going on Monday but rally need it open by 20th Dec.
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
