I'm jsut in the process of getting my IVA set up etc. I've been in a DMP for 5 years with Payplan, but due to lots of changes in circumstances (divorce and a house move) it's not viable anymore. So I've gone down the IVA route with the help of Mel's team.
I'm currently trying to open a new bank account and the only bank I can really use is the Co-op, but things aren't progressing very quickly with them.
They have had my documents since 10th December and head office still don't have any record of them. I'm starting to get frustrated!
I did open an Ulster Bank account online and it was so quick. got my cards within 4 days. Unfortunately I then realised they are linked to RBS who are one of my creditors.
Good luck Union City Girl, we are with Mel too and I am sure you will be fine esp having the history of a 5 year DMP you will be well versed with having to stick to a budget I'm sure!
Hi Lem, yes I am, although I did get myself in a but more debt with a few payday loans, but that is all sorted now. Never again. Hope I will be on a 5 year path to a bit more freedom now.
I have never been in a DMP myself but know a couple of work colleagues that are and they are very flexible (it seems as one has just been to Las Vegas!) compared to an IVA, the hardest thing for me is sticking rigidly to the budget and hoping nothing goes wrong, I try to save from my allowances each month to have a little put by, which makes budgeting very hard, but has meant that we have managed to cope when we have had the inevitable car repairs, hoover breaking etc without really having to resort to missing any payments.
Hi UCG, if they are not a creditor I would recommend Barclys, they were very helpful we we set out on the IVA route back in 2005 and opened a standard basic current account with (at the time) a visa electron card which was perfectly adequate. We talked through the circumastances with them and they did what they could. I am still with them now and have had no problems as accounts operate in credit and i dont have any borrowing facilities with them.
Good luck with the IVA
IVA finished June 2011
"If you listen to people who tell you what's impossible, they're usually the ones who failed" Paul Stanley
Unfortunately Barclays are one of my creditors too. I have to go to the Co-op tomorrow to see how far the account process has got, but I can't say I've been very impressed so far, it's so slow. I don't understand why you can't open that account online.
You've chosen a good team to work with for your IVA UCG and I'd like to wish you all the best. Glad you've found the forum and remember there is usually someone about at most times.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Second Niobe's advice. First Direct found me in the insolvency register and closed the account (joint with my Wife). I fortunately had the foresight to open a Co-Op 'normal' current account, prior to appearing on the insolvency register).
My experience in trying to find another joint account, now that I'm in the IR, with any of the high street names, has been overwhelmingly negative - they don't want to know.
You could look at ClearCash, CashPlus (pre-paid card accounts), or Secure Trust Bank (a proper basic account - with an actual bank, with a pre-paid Mastercard). They all charge a small fee each month though.
I went with Secure Trust, and they are firmly rooted in the 21st Century, and I was able to open the account online within minutes.
Why do CoOp let you open all their accounts online, apart from Cashminder, where the application process dates from the 60's?
My opinions are just that: Based on my experience and being a self-employed IVA customer.
I think the reason co-op don't open cashminders online is because they make no money from them -- when they have you in branch or on the phone they can try to upsell.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi union city girl,
Co op took around 2 weeks to set up mine. I think i did it online, they did a credit reference check but this was before i had missed or defaulted on any payments, similar to uptomyneckinit.. Got the account just above the basic so have a cheque book to pay for my boys school dinners and trips. No overdraft obviously and i dont want one again. They are pretty good so far, but the website is aweful. Very basic and there arw problems with log in. If my wife enters wrong info 3 x, they block mine as well and i have to phone in to change. One good point though, there is always someone at the end of the phone 24hrs a day. Like many others we are also with Mel and hope to start our IVA in January. Good luck for the New Year!
I don't see why having an account with Ulster Bank is a problem for you - as they don't tend to set off against other RBS debts - but if there is any doubt at all you could always consider one of the prepaid card accounts such as ClearCash.
Thanks for all your replies. Mel, I would love to use Ulster Bank but I was advised by Amie (who is getting all my docs together) not to as they are linked to RBS. But if you think it will be ok then I might use them. I have all my cards etc and the website looks very user friendly. They also have a phone app.
Mel - I've tried contacting Tina and Amie this week but with no response, do you know if they are working?
I've spoken to both ladies today - and they were both going to contact you to see how they can assist. Amie was wary of directing you to Ulster Bank, in case of a possible set-off, and that was good advice although I think you may be OK with a new account there. If in any doubt about this - do select a bank with whom you have no creditor connections.
