I have just completed an IVA early

[Squawky]

I have just completed an IVA early, (10 months), with the payment of a lump sum. Once this completion has been recorded on my credit file will I be able to have a standard bank account rather than the "Cashminder" type one I have at the moment?

[neverending]

Hi
I think that it will stay on your credit file for 6 years from the start date.You can send a copy of your compliance certificate to the credit reference agencies and see if they can mark it completed,
As for bank accounts there are a few that can provide you with all the banking services that you need including debit cards[you will have a problem getting overdrafts etc]Post again if you need further info
regards

[Squawky]

I've already got a cashminder account with the Co-op, including an Electron debit card. But I'd like to get a standard debit card, no overdraft or anything like it. There are some shops that do not take electron and after having got a load of shopping at Sainsbury's only to be told their phone lines were down and couldn't take Electron and to have to leave the trolley and walk away...

[neverending]

Hi
Think banking [you WILL be accepted ] offer a Maestro debit card but the account charges £12.50 per month,tel 08456343499.
I,m sure that you will be able to find an account that gives you a debit card and does not charge a fee.
Good luck

[DebtDummy]

squawk, I have had that happen to me with an electron. You are correct they are not taken in a lot of shops or the internet.
Neverending gave you the telephone number for a good debit card. I am going with that one myself. Maestro is accepted everywhere.

Take care.

All I have left is my humour.

[DebtDummy]

Oh!! Congratulations on completing your IVA!!

All I have left is my humour.

[Squawky]

I had to retire due to ill health, so with the lump sum and some of my pension paid as a lump sum I was able to clear it. Which was pretty good as they would have taken half of the settlement anyway!

[james_7]

Hi Squawk and congratulations.
just a quicknote about bank account. When I started my Iva and had debt with barclays bank so I had to change banks, even with my Iva lloydstsb gave me a bank account at no charge. I started off with a visa cashpoint card only, after 6 months they gave me a visa debit card not cheque guarrentee though which is no problem. May be worth a try take care good luck
james

[Sopty]

Hi Squawk, well done
I have found that Natwest offer a basic acount with a Maestro (new version of Switch) and internet banking, there is no monthly cost and the account wrks fine for me. I also wanted to avoid an account which offered Electron or Solo as I was caught out once buying petrol from a garage which did not except them!
The basic account offers no credit or overdraft, so it would work for someone how is still in an IVA
Good Luck
Mark

[hymers]

Hi I am 1 year into my IVA how did you do it??/ absolutely fantastic I dream every second of every day of mine ending WELL DONE!!

[Keepingmyheadabovewater]

and sopty you only get a maestro card on a gold account with natwest as i have one you have to pay £12.00 per month for it

JOHN

[Rainbow]

Hi John
We have a Natwest Step account which is a solo card and a Maestro card all in one and we don't have to pay anything per month.
Rainbow

[freda.s]

I have been on an I.V.A for 4years and Nationwide gave me a current account with debit card and cheque book. They didn't ask if I was on the I.V.A. At the start of the I.V.A. my husband could only get a cashcard but it looks as if they have now changed the system. I got my current account accepted 6 months ago.

[olympic_torch]

With reference to finishing iva early.
My sister stands to inherit a reasonable sum of money from her father-in-law. She has said she would be willing to lend me enough to pay off my iva.
If this were to happen during the first 24 months of the iva, when it is stipulated on my chaimans report that no variations will be considered during this period, would i still be able to complete my iva offering the original
38p in the £, or a)would i have to wait for 24 months to elapse, or b)would the creditors prefer that i carry on to year 4 and wait for my equity release?

Aucto Splendore Resurgo.
(6 down, 54 to go)

[MelanieGiles]

That would depend upon the attitude of your IP, but if I were acting for you I would put forward a variation proposal firstly seeking removal of that ridiculous clause, and secondly that you offer the settlement.

As you have the equity release clause on top, and offer made to creditors would need to take this into consideration.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp