New Bank Account

[JeepThang]

Hi there, I'm a newbie here and need some advise. My wife and I have seperate IVA's. Mine was approved in December 2008 and my wife's is likely to be approved this week.
My wife's current accounts with HSBC have already been frozen as they are creditors. My Lloyds TSB current accounts have not been frozen yet, but they probably will be soon as they are a creditor of mine. We therefore need to open new bank accounts, nothing too fancy just a simple account that allows Direct Debits and provides a debit card. Obviously there will be no overdraft (don't want one anyway), Which bank is the best to approach? I've seen Co-op, Barclays, NatWest, Yorkshire all mentioned on this forum and with mixed views.
Thanks in advance

[kallis3]

Hi and welcome.

You should have been advised to change your account prior to your IVA being approved.

Co-op are usually sympathetic to IVA's but to get the cashminder account you will need to either phone or visit, you can't do it online. With that account you can do direct debits and you should get a visa electron card. You may struggle to get a full debit card with any bank being in an IVA.

You can get pre-paid full debit cards with bill paying facilities into which you can have your salary paid, but these usually come with a monthly fee.

[flumpy dog]

welcome jeep.
kals right youre usually advised to switch bank accounts at the beginning of iva proceedings to avoid the off setting of funds if you have your bank account with a creditor
i had a look at yorkshire bank for you-theyre usually iva friendly.
you can get a basic readycash account which comes with a maestro debit card.
the co-op cashminder is good i have one. you only get a visa electron card.
you can do it in the branch same day-bring proof of address-they check this-not your credit score or by phone-mine took 2 weeks.
good luck and if you need anymore help or support you know where we are [:)]

[JeepThang]

Yes I was advised but didn't do it.
My Lloyds current accounts are still operative for now. My wife has just opened a basic "STEP" account with NatWest whilst I was refused. Probably because her IVA hasn't been approved yet whilst mine has.

[flumpy dog]

dont worry, if i was you i would get one as soon as.
then youlle have a nice new fresh account. have a look at the ones me and kal have mentioned and keep posting if we can help further

[MrsKnight]

Hi there - & welcome from me too. I got basic account (maestro) with Yorkshire Bank - there are no credit checks with that one, but you do have to phone or visit a branch. Its a good account though & has internet banking too.
My Husband has a basic account (solo) with Natwest & he applied for that one very easily on line. There are no credit checks on that one either & I think they have internet banking too. Not sure as we dont use that one - as found out after we got the account, Natwest were linked to one of creditors.
Abbey National & Nation Wide do one, but I don't think you get a maestro/solo card you have to go into the bank or cash machine.
Hope this helps & good luck & keep posting on here its a great support during a IVA.

[flumpy dog]

jeep just noticed one of your creditors is who you bank with.
it is advisable to change as soon as because they have the right to offset what you owe-meaning they can deduct your salary.
good luck

[JeepThang]

Thanks for all of the above, I've just telephoned Yorkshire Bank and they are going to call me back to let me know whether it's OK that I have an approved IVA in place. I can then pop into the branch with the paperwork. So wish I had done this before the IVA Creditors meeting now.

[kallis3]

Don't worry about Lloyds taking any money out of your account as I don't think they can do it whilst you are in an IVA.

[flumpy dog]

hi jeep well no point regretting things now ok ?
onwards and upwards !
please let us know how it goes and dont forget you have a bunch of new friends to help you through this [:)]

[flumpy dog]

sorry kal i meant before the iva was approved x

[MrsKnight]

Hi again & try to stop stressing - I opened by account with Yorkshire Bank while all my paper work was being sorted for my IVA. I mentioned nothing to them & just said I wanted a basic account to put my Housekeeping money into. They did no checks & informed me that they did not need to for this sort of account as there is no overdraft. And I was given my account number straight away & just had to wait for the card in the post. Yorkshire Bank are actually owned by a bank in Australia - so very little chance of links with creditors over here!