ive almost finished my iva (one payment left).and wish to start with new bank.do i have to notify current bank (thinkbanking)in writing,or can i just empty account and set up wages/debits etc with new bank after withdrawing whatever i have left in existing account.
Hi well done on almost completing your IVA. I'm not sure of the criteria they require for closing an account, maybe one of our other posters will know or you could give them a ring to see how to go about account closure with them. Probably best to set up a new account before closing that one to ensure the transition runs smooth.
I think you'll possibly only get a basic account due to the IVA so worth shopping around, I have a Natwest Step account and find this works well but do know other posters have others accounts they rate highly too with High Street Banks. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Well done from me as well and I agree with Ginger - find a totally different bank - Co-op come recommended.
You do need to notify Thinkbanking as you will still be paying their monthly fee if you don't.
Is there nothing on their website that tells you what to do?
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 had a thinkbanking account whilst I was in the iva you will have to
Call them to let them know you want to close the account,
they will try and persuade you to keep the account. I closed the account because my iva had ended and It didn't make sense to keep paying the monthly fee to manage £100 worth of direct debits plus I also lost my thinkbanking card at the time which would also have cost me £5 for a replacement. I closed my account in Oct that was the time I got a letter to say they would be increasing the monthly fee from £12.50 to £14.50 in the new year. I now use my Natwest Step Account which is adequate for my needs.
Get new account set up and arrange for your salary to be paid into new account
Change all of your direct debits to new bank too.
Last edited by Kool_73 on Thu Apr 28, 2011 3:35 am, edited 1 time in total.
Natwest or co op are very good. Some banks when you set them up will set up all your d/d's and standing orders from the old bank. all you got to sign is one piece of paper from what i remember when i did it. Then all you got to do is notify your employer
