Opening a basic bank account...

[cherrypink]

Hi Moneystinks

I am on the very first steps of an IVA. Stupidly enough, I stopped paying (some) creditors 2-3 months ago) just because I couldn't get the money together. Last week I thought I could still manage to pay them back but when I called just one of the debitors who wanted £1200 just in arreas and interest I knew I had to look at an IVA

[Moneystinks]

Well, try and wait out for your account number from co op. When o you get paid?

[cherrypink]

14th of every month...my company are quite good if I let them know I closed the other account they may be able to help me in some way

[Moneystinks]

You should well have your Co op details by then. get pid on the 15th.

I got my account details before I got paid (I couldn't tell work what I was up to as I could potntially get in trouble). I rang all my utilties nd set up dd's from new account. Then on pay day I went into the bank before 1500hrs (cause that was my banks cut off for payments) nd withdrew all the cash, cancelled all dd's and handed them a letter teling them I was closing the account. As you have a co op account you could then go to either the branch or post office to deposit the money.

I was terrified, but once it was done I knew was truely on the road to being debt free. The next day I sent payroll a letter telling them to change my details.

Let us know how you get on.

[plasticdaft]

Phone co op on 0161 9477135(cheaper than the 0845 number),in a couple of days and just ask if you can get your acc and sorte code. My wages went into my old account coz payroll were too slow to change the details,but luckily the trust deed application hadnt reached them so we went over 2 days and plundered my account!!!

[Moneystinks]

I couldn't trust my payroll either - hence the way I had to do it. To make it worse oh gotpaid on same day so I had to draw quite a lot of money and walk round a dodgy shopping precinct with it in my bag! Not good. Also my son shouted really loud 'wow all that money are you going to the Trafford Centre' Ground please open up and swallow me!!!!

[chardonnay]

Hi There,
I'm with the Co-opand they are great. My Visa Electron cards works everywhere (bizarrely not in my local Morrisons, but it does work there for others.) You can open an account on the phone and it's all set up really qickly. As previously said you can pay things in over the counter or at the post office and all my direct debits are trouble free.
I use e-bay and have an e-saver Abbey savings account, with a cash card, so I can transfer money around electronically which helps when things are tight (which is all the time!!)
Hope that helps,
C x

[Adam Davies]

Hi Stu
Your opinion is very much appreciated and may be correct.I think that the vast majority of banks will only look at your credit score at the application process and once you are in an IVA will be unaware of that.As long as you do not apply for credit you will be fine and should be able to carry on with the account that you applied for pre IVA.
Only HSBC and First Direct actively search for people in an IVA and close accounts
Regards

[sjbyron]

Hi Andy

Both Lloyds and Halifax (for their easycash account) and a savings account, do periodical credit checks on me, so thats why Halifax have only offered a 4 month debit card, and Lloyds treated me like dirt.

[kallis3]

The Halifax were one of my creditors, and at one point I owed them about £9000 on a credit card and £23,000 on a loan. They emptied my savings account of.............£38 'to offset against my debt'.

That would have made a big dent in it wouldn't it?

[cherrypink]

I went to Co-op yesterday opened an account no problems, they were really nice in there but need to wait a week for my account stuff) and Lloyds but the told me to open the normal account which at closer look today at the agreement, says I have to put my wages into that account....I'd rather do my day to day banking with Co-op, thanks.

Has anyone tried the Nationwide cash account? I went in to abbey yesterday but I queued for ages and ages and they just told me to go away untill next week!

[kallis3]

I've got a Nationwide account and it is running ok.

[mark777]

hi all ive got a step account with natwest and solo debit card and it all seems to be working with the dd s and card useage and when i have a little saved gonna transfer it to a savings account
markx

[Adam Davies]

Hi Stu
I think it's because you told them of the IVA.
Banks tend to put people with IVAs and bankruptcy in the same bag
Regards

[cherrypink]

I am tempted to use the Lloyds account simply because I have the account and sort code right now so I can give it to my account dept (you know they need notice etc.).

I have a little question though - now that they have offered me the account, is there any chance they can retract it? The debit card etc. should be with my in a few days maybe I am just super paranoid at the moment! I am concerned if they will do extra checks if they can suddenly decline me and my wages are on the way to their account...