The Co-op wont know you entering a IVA - until it appears on the Insolvency register - unless you tell them. As a safety next it may be worth looking to see what else is around - do it before your IVA is finalized -then you can truthful answer "your not in an IVA"
We have a basic current account with the co-op so I rang them today to discuss it. The first person I spoke to said I couldn't keep that account but they could downgrade us to a cashminder account,which is fine by us, however the lady from the insolvency team said the account would be closed 30 days from now, with all direct debits being frozen from today. It is not automatic that they downgrade your account, we now have to apply for a cashminder account and IF it is accepted it can take up to 2 weeks to process.
In the mean time we can use our debit card but no direct debits will be paid unless we ring customer services to pay them by card or ring each individual company.
I am now worried that we are going to be left with no account. If all banks take 2 weeks to decide then by the time they send the application form out, we fill it in, then they make the decision, they could be closing our account before we have managed to open another one! Let's hope they agree to it. This is turning in to a bit of a nightmare.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ginger323232
The Co-op wont know you entering a IVA - until it appears on the Insolvency register - unless you tell them. As a safety next it may be worth looking to see what else is around - do it before your IVA is finalized -then you can truthful answer "your not in an IVA"
Do you think it would be worth my while just applying for a cash minder account? Will they question why I'm opening another account with them when I already have one?
That is scary NMC as we were told completely different to you! On the basis if this we are going to call the co op back tomorrow and go through everything again with them.
This is very worrying times for me and my hubby all over again and i dread the thought of having to search for another bank account.
Just out of interest i was wondering if anyone had any insight on clearcash? I know that there is a fee per month to hold this account but was wondering if you could still have your wages paid in and direct debits coming out?
The Cashminder Account is a Brilliant Account for the main reason in that you cannot go Overdrawn.
It really is an excellent Bank Account in that it comes with a Visa Debit Card and excellent Online Banking as well as an App which you can use on your Smartphone for checking your Transactions and Balances.
If you are in a current account with the COOP and maybe have to downgrade to the Cashminder Account i wouldn't be too worried as the Overdraft will go into the IVA anyway.
Good post Andrew - I know many clients are very happy with their cashminder account and do not feel they are missing out on anything.
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The main reason for having a Cashminder Account is to have the letter C next to your balance instead of D.
It's a No Brainer and you can use the Account for all of your transactions being online or not and have the function of a Visa Debit Card.
I am right at the end of my IVA and could not wish for a more simple and easier account and will continue with it after my IVA is over.
65/66 1 more payment to go and it is all over THANK GOD!!!!!
After another call to the co op this morning we have also had our direct debits frozen and told we need to make other arrangements for a bank account ( we had a basic current account )
The sickening thing being that we were actually told on the phone that if we had never had called them up and been honest about our situation then we would have never been found out as they do not 'trawl the insolvency register'.
We were told we could apply for a cashminder account if we wanted too but it is not guaranteed to be accepted and could take up to a month to process.
Im gutted, so now another search for a basic bank account begins
Hi Cariadqueen - sorry to hear about this. From what members are saying, these changes dont include the Cashminder, and I know that the Cashminder is highly recommended by numerous members of the forum including experts and also myself.
It may be worth speaking to a supervisor and asking for a Cashminder - i dont see why they need to mull it over for a month... do they expect you to wait in limbo?
Shame that some banks arent adopting TCF (Treating Customers Fairly) principles!
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"
I have to say that you can go overdrawn on a cashminder account as I did once by accident and they charged me a pretty penny for it. I have a normal current account with Lloyds aswell which is my main account and I had wrongly set up a direct debit on the cashminder instead of Lloyds, Lloyds have always been fantastic with any issues, but I found the coop appalling to deal with and don't use that account at all now
my understanding of the Cashminder account was that they have a 3 strikes and your out policy?
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"
Sorry to hear that Lem, I always found Lloyds to be good too but unfortunately they are one of our creditors so we have to steer clear of them!.
We have decided to try and open the cashminder account and see what happens, i have to say its been extremely stressful here this morning as we need to get the account open and up and running before our next lot of wages are due to go in which is the 12th of August and ofcourse the co op cannot guarantee us that this is possible or even that we would be accepted.
I think they do have a 3 strikes and your out kinda thing, the letter they sent me was absolutely disgusting, condescending and rude, but I guess when you're limited you don't have a lot of choice
When I opened my Cashminder account it took a couple of weeks to get up and running but that was because there was an issue and as soon as I chased it up it was sorted.
While I was with the Co-op I found them to be very helpful and I was happy with the Cashminder account and have always recommended it.
They do have a 3 strikes and you're out policy but I don't really see the problem with that.
