I am hoping to enter into an IVA

[cent]

I am hoping to enter into an IVA and are using Clear Start to facilitate this process. I have a loan and credit card with Mint and i was hoping to use a Natwest bank account to set up the regular payments etc. I am currently with Barclays but have been advised to switch as i have an overdraft and a Barclays credit card that will be included in teh IVA. Will there be any conflict as the Natwest are now a part of the Royal Bank of Scotland who own Mint? I am concerned that they may freeze the account.
Also, how will my chances of getting another current account be affected because of my IVA?

[MelanieGiles]

Hi cent and welcome to the forum

I do not feel that there would be any conflict with your proposed new account, but to be certain it might better to look for a bank who has no link with any of your creditors.

There are several banks which will provide you with a basic account whilst you are in an IVA - and many forum postings giving advice, so shop around.

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

[aguise]

Hi cent
As long as you go for a basic ac with no overdraft or credit then that should be ok, best to steer clear of any associated with your debts although I have an ac with Think banking which is connected to one of my creditors but the ac is designed specifically for those with money problems if you go to think banking.co.uk look for their managed ac , or put a search in on this site for Gregory pennington or think banking there are some posts which tell you about it . You can set the ac over the phone, I am very happy with it and so are quite a few others . Any way have a look.

All the best

Ang

[cent]

Thanks for your help - I'm so glad that I found this site and now know that I'm not alone going through this process.
Thanks again.

[aguise]

Cent
Keep posting let others know how you are getting on. You will get advice from people like me who are in the same position and also from those with the technical expertise such as Melanie who is an Ip and has devoted loads of time to this site and helping people also, others with mortgage experience, and that work in the credit industry. I wasnt brave enough to post when I was going through the iva process, but sat here all evening reading the posts and getting advice and support without even asking, just by seeing others experience.
All the best

Ang

[Adam Davies]

Hi Cent
I too am a fan of think banking like Aguise but there is a £12.50 a month fee.
You could try the CO-OP bank as they have a simple account thats free and people in our situation have been approved.
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

[cent]

Thanks Andy,

Am I right in assuming that I will not be able to run a 'regular' current account even if there is no overdraft facility attached? A debit card facility would be a necessity to continue to function as normally as possible.

[aguise]

Hi again Cent
The ac mentioned by Andy and I does have a debit card ( Maestro) it is one of the few that does.You have to decide if you are happy with the charge although remember there are pre paid debit cards now avaliable but they also carry charges and they have to be topped up at post offices etc.
I think the ac has to be the most basic.
Hope that helps
Ang

[scaredkez]

the only thing i would like to add about think banking it does take a while to get up and running i am into the second week now and i wont get my card until the end of this week then it has to be activated and then the pin will be sent, so make sure you have enough money to tide you over otherwise you will have to do an encashment order and you can only do 1 a week which means you ring them up at 9 preferrably and they arrange for you to get your money out at the nearest royal bank of scotland it takes a couple of hours to go through, also you do not receive balances at the ATm machines i believe this is something they are working on they are my only niggles so far with this account but i have only just opened it so will let you know any thing else.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[aguise]

Hi Kerri
I spoke to them about the balance and they new it was a prob and have now set up where you text them the word bal and you get a text straight back with an up to the minute balance also you can get one from the phone bankinfg as well.

Ang

[cent]

Thanks everyone. I'll let you know how I get on.
Just like to say again how relieved I am that I'm not alone going through this. Finding this forum was like receiving a life-line!

[Adam Davies]

Cent
From memory I believe that the Co-op account[think its called cash minder]has a debit card[electron].
My only niggle with Think banking is that its near on impossible to get through on the phone,I was on there for 45 mins a few nights ago and gave up in the end.
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

[sps]

Hi cent
If your credit history has not been badly affected yet it may be possible to obtain a normal current account as long as you make it clear you want no credit facilities ie overdraft with it. I applied over the phone for a new account with the CO-OPERATIVE bank and was given a current account with debit card and cheque book. They did not even ask why I wanted a new account so may be worth a try - as Andy says I think their basic account also offers a debit card.
Regards Sue

[scaredkez]

i found that to andy it is virtually impossible to get through, hopefully when i get my card i will feel a bit better, aguise i don't have a mobile so i wouldn't be able to text for the balance although my hubby does and they said that when any money is credited that he would receive a text with the balance so far 3 lots have gone in and they have never texted him so will be having a word with them on that one, i know there is a lot more work involve with the account on their behalf and i hope it really works for me, i am just not use to not being able to manage my money on line so far but will have to get used to it for the sake of a debit card i am sure once it is all sorted it will be alright its just the length of time taken initially if someone is desperate for an account.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[ordinary_world]

Hi Cent,
I understand and share your concerns and agree that in this day and age, a debit card is essential for managing finances effectively.

We're looking to apply for an IVA shortly and thought we'd better open up some parachute accounts. We applied for an account with smile.co.uk (co-op) and Alliance and Leicester and were accepted (even though my partner has a debt with A&L credit card...which is run by MBNA). We're just waiting for the debit cards and welcome packs to come through the post this week.

This sounds all well and good...however we did apply before we defaulted on our contractual monthly payments for the first time (which was this month). So our concern is that when the 'word gets around' that we've applied for an IVA they may either cancel the accounts or down grade them to a basic cashpoint card.

This leads me to the following question which applies to people in our situation:

Do banks actively check credit reference agencies (or with each other) to find out whether their customers are on an IVA?

If so, which banks respond positively and which close/freeze the accounts?

Best

OW

- 'I wont cry for yesterday 'cause there's an ordinary world somehow I have to find...'