Secure Trust Bank

[spurs]

Hi all, when I entered my IVA DFD set me up with a secure trust bank account, now having used them for a couple of months im not really happy with them ( I get charged 50p every time I use a cashpoint, £12 account charge every month and a charge if I use it online being a mastercard) can anyone tell me a decent bank I could go to which is IVA friendly that gives you a debit card. Thanks!

[Skippy]

If they aren't one of your creditors I would definitely recommend the Co-op Cashminder account.

[kallis3]

I agree with Skippy, Co-op do come highly recommended. I think NatWest are quite good as well.

[spurs]

I liked the look of the Co-Op to, I will give them a try thanks

[johnB]

Co-op Bank (CashMinder) or Yorkshire Bank (ReadyCash), so long as neither are your creditors.

If this is a problem, CashPlus do a Prepaid mastercard with much lower monthly charges and no charges for online use. I do think they still charge for cash withdraws though...

[spurs]

I just been accepted for the Co-Op thanks John, thanks for all the replies!

[stewpots]

Hi all, when I entered my IVA DFD set me up with a secure trust bank account, now having used them for a couple of months im not really happy with them ( I get charged 50p every time I use a cashpoint, £12 account charge every month and a charge if I use it online being a mastercard) can anyone tell me a decent bank I could go to which is IVA friendly that gives you a debit card. Thanks!

As I have found to my great cost getting even a basic bank account (i.e. no overdraft cheque book etc) is very hard when you in a IVA

I wished I had set up a few basic bank accounts BEFORE I went into my IVA, regardless of my credit rating then it would have been much easier

First Direct are saying good bye after 19yrs without any debts with them ever.

As mention before Natwest, Co-op and Nationwide all turned me down. Even though you will find via google they deal with people with IVAs

In fact Nationwide have an exclusion re IVA on their letter heads !!

Secure Trust bank was recommended to me. I signed up to Think Banking but haven’t used them, im afraid their reviews are not good.

I have a old bank account I never used I am going to use that until I am ‘found out’ . there one of my creditors , so not ideal but needs must.

[stewpots]

I just been accepted for the Co-Op thanks John, thanks for all the replies!

There one of my creditors , better delete my previous thread [:D]

[johnB]

Sorry to hear these are one of your creditors, would you like to summarise who your creditors are and I can have a rethink on this? Where are you in the UK?

There are others that will accept you!!

You are best not to use an account with an existing creditor as they can (and I beleive have the legal right, perhaps an expert can confirm this) to retain the money deposited against money you own, so potentially you could get paid and they keep it!!

[kallis3]

If you're in an IVA they can't take money from your account.

[johnB]

Thanks Jan.

Is there a risk the creditor may close the account on the person in the IVA?

I had always understood you could not bank with your exisiting creditors?

[kallis3]

It is recommended that you change as they can take money prior to an IVA being accepted.

Creditors probably will close the account anyway.

HSBC and First Direct will close them even if they're not a creditor.

I still have my Barclays account open and Barclaycard were one of my creditors.

[MelanieGiles]

The setting up of a new bank account is an absolute priority for anyone thinking of entering into an IVA with their creditors - and do look for free banking before you plump for (or are coaxed into having) paid charges.