Nat West Basic Account

[shelbert]

Hi everyone! I've read alot of posts that say when changing accounts when in an IVA, the NAT West have refused people, saying that they are bankrupt.

Nat West is the only bank in my town apart from the one that I owe money too. I have not started an IVA yet, but I want to change my account before I stop payments. If I go for their basic account and as they are not a creditor, do I need to tell them that I am going to satrt an IVA?

And will I be at risk of them shutting down the account once the IVA is on my credit file like First Direct and HSBS have done to some people?

Once again, many thanks for your continued help!

[go_4_broke]

Hi Shelbert.

Nat West probably get their information direct from the Insolvency register, which may be why they can't tell the difference between bankrupts and people in IVA's. One Insolvent is pretty much like another.

On that basis telling them you are or are going to be in an IVA is probably a waste of time as they don't appear to know what one is.

You may well be better of going for a completely unrelated account, there are many posted in this forum, just do a search for 'bank account'.

After all you can still take money out of Nat West's cash machine !

-Best



Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

[MelanieGiles]

I have never come across a problem with NatWest about closing bank accounts for customers in IVA's. I find them generally one of the most supportive banks out there.

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

[go_4_broke]

I guess the 'changing accounts' bit could be the clue. Which means that as long as you open it before the IVA is registered you should be OK. Just don't change it once it's running, or that may trigger a status check causing you to run into the problems other folks have found.

I wouldn't for a moment dispute Melanie's comment, but I guess this policy may not always filter down to the appropriate level, which would account for the problems reported elsewhere in the forum.

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

[gimmewine]

I had to change banks in a hurry when First Direct suspended my account. Went to NatWest who offered me a current account even though I explained why I had to change. I tried that for 12 months, but was hitting charges again, so went in and changed to Basic account, no problem. They were aware of my financial difficulties throughout and were very courteous.

[Hunter1]

Hi Shelbert,

You should be able to get a basic bank account with Natwest - I think it's called a 'Step' account although that might have changed.

[Sopty]

Hi Shelbert
I am in the process of applying for an IVA, and I went into Natwest and explained my situation and what I was looking for. They where very understanding.
I was accepted for a basic account (Step) which gives me internet banking, access to set up direct debits and a servicecard. All for no monthly charge.
If this does not work for you, I believe a lot of people in the same situation apply for a basic account with the Co-op bank.
Hope this helps and good luck

Cheers, Mark.

View my IVA story blog at: http://sopty.blogs.iva.co.uk

[kezza]

Hi, I opened a Natwest account, I didn't tell them I was entering an IVA but wanted a no frills account. They actually gave me there advantage account but I have not had it with an overdraft facility or additional cards just a solo card. They said they gave me this account as if I changed my mind and wanted to have an overdraft at a later date I could just phone them. I certainly won't be though