I want to open a bank account for each of our 3 children (3,4 & and thought the first place to try would be the Co-op were we have a cashminder account.
Today I received letters turned each one down.They said because I had to be named on the accounts (due to the ages) they were turned down because of the credit check on me.The childrens account is exactly the same as the cashminder account in terms of facilities which I was accepted for with my IVA so why do a CC on me for my kids?
Does anyone know of an account I could set up for them?I have to avoid LLoyds,RBS & Santander if I can help it!!
Not sure about this Glen, hopefully one of the other posters or an expert can help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Do you have any building societies near you? My boys have a savings account in the Skipton BS & all I had to provide was a birth certificate for the children accounts & 2 IDs for myself to be the account nominee (passport/driving lis or recent utility bill).
No credit check was done but you just get a pass book to put in or take money out with, no cash card. You may have to open a savings account yourself but there is no harm in that either.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Thanks Lyns.
Will try Skipton for sure.If they don't do a check that's perfect.
We have many Building societies around,I just don't think I could stand any more rejection!!!
I hope you can get this sorted Glen. I know that Co-op can be a bit funny about savings accounts, but hopefully another bank can help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I hope you get your children a savings account very soon, it's good for them to learn to save a little bit. Co-op are so receptive to us in IVA's for the cashminder account but for savings it's always a different story. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I opened a cashmider account with coop no problem when deciding to enter into an IVA. Thought I'd have no issues opening a saving account with them as I banked with them. But it came back declined.
Kallis3 you are exactly right with the above comment.
Where could I open a savings account when in an IVA???
My creditors included HSBC, Natwest, Barclaycard, Capital One, MBNA as well as Northern Rock.
You could try opening another cashminder account and putting your savings in there. One or two posters have done that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm very disappointed in Co-op. It sounds as of they are making a judgement on how we spend/save our allowances rather than making a commercial decision. The idea of additional cashminders is a good one. Alternatively, Lloyds have been very good for me.
Thanks for the advice Kallis3 and Broke. I will see if I can open a 2nd cashminder account online.
Do many people keep savings in the house? I just think if there was a fire or burglary then it would be gone! But I have 50 quid in an envelope at the moment.
Bit odd that co-op declined your savings account.When I opened my cashminder on the phone they asked me at the time if I wanted to do that.I assumed there wouldn't be a check needed as they knew I had an IVA.
Co-op are well known for turning down people in IVAs for savings accounts. You can appeal though and they will sometimes backtrack.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I opened another co-op cashminder. Just told them that I wanted to sweep the excess at the end of each month to be able to save it. I am still after a reasonable place to my little lad's savings -- it was with the Halifax, one of my creditors, and, although I was told they wouldn't touch his money I wasn't taking any chances, so we took it out and are looking for a new home for it. Skipton seems a reasonable bet --- I have emailed their CEO to ask their position re IVA'ers overseeing child accounts, as in my experience what one branch says isn't always what actually happens!
As an aside -- I just checked my Halifax account online and it is still live ... be interesting to see how long that lasts.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
and thought the first place to try would be the Co-op were we have a cashminder account.
