Problems getting credit/bank acc. after IVA?

[johnB]

Hi Everyone,

It's been sometime since I have been on the forum. Hopefully, someone will be able to help with my query.

My IVA ended in March 2010, and I have worked hard ensuring the IVA register has my IVA removed and the Defaults are removed from the credit files with Experian and Equifax (all clear for a few months now). I don't have any CCJ's, but did have a number of defaults, all of which have been removed.

So think all was now clear, I tried to get a new bank account, having had a few issues with Co-op recently. I didn't want to push my luck so applied for just a basic account , however, it was declined. Reason I was advised being my credit file? However, both my Experian Report and Equifax are clear?

I tried again after 6mths, and got turned down again? No other explaination or even a letter to confirm? Are there such things as being black listed, so you can't get these facilities or is there some other issue? Would the IVA and previous debt issues preclude me from ever banking with the original creditors in my IVA (Natwest, M&S Money and Lloyds TSB).

If anyone has had similar experiences or is able to help, I would be really greatful, as I feel a bit disappointed that after 6 years of hard work clearing debts, I can't seem to be able to get back "on the ladder again"?

Thank you,

[Judo]

Hi john.
Well done for finishing and hope life post IVA is treating you well.

You have done Experian and Equifax but have you gone through CallCredit who are the other credit file agency.
You may well find that your report with them might need cleaning up too, once that's done I can't see that you should have too much of a problem opening up a basic bank account.

That is the only reason I can think of John and i hope it helps a little.

[johnB]

Thanks for your kind reply, Judo. I will give that a go, perhaps I have something nasty on the file with CallCredit?

Good luck with your IVA, not long to go now for you!!

[johnB]

Sorry Judo, mis-read you message at the bottom! Thought you had done 4 years 9 mths of your IVA! Don't worry, you'll get through it in no time. Mine went quite quickly, now I'm free! Hurrah!

Good luck and thanks again for your help!

[Judo]

No problem john and thank you for your kind words. I have a long way to go yet and I hope I get through it fairly unscathed!!

Certainly get your report from CallCredit. You may well find a couple of little bugs there that need ironing out. Hopefully once that's done you will be good to go!

[Judo]

Sorry Judo, mis-read you message at the bottom! Thought you had done 4 years 9 mths of your IVA! Don't worry, you'll get through it in no time. Mine went quite quickly, now I'm free! Hurrah!

Good luck and thanks again for your help!

[:D][:D] I only wish I was that far through it!!

[ginger3232]

Dont forget Bank are allowed to keep their own record for an minimal time of 6 years(after account closes)- they are required to do this under Company Act and Money Laundering Act so they may still have information relating to defaulted accounts on record.If the Co-op was aware of your IVA - this may have been noted on their records. You can either ask for a copy of this information or look at a new unrelated bank.

It also worth reviewing what you need from the bank - ie Debit Card and DDs/SOs facilities - if this is the case go a basic account then upgade say 6 months later

[plasticdaft]

I can see banks trying to get the time defaults are on record for changed and some appear to be sharing info on tainted customers!!

Johnb is there much positive stuff on file,ie contract phone etc?

Paul

[Broke of London]

Hi - I'm thinking along the same lines as Paul. The records banks keep and share with one another long outlives the credit record so you may well be blacklisted from yur original creditors and anyone they share information with. I wouldn't ever bother trying for facilities with someone who was a creditor in my iva - to be honest I was quite surprised that you did.

[johnB]

Thanks for your responses folks!!

I rather naively didn't think of the banks own records and that they may have shared the info with others. The difficulty I have is that, in having debts with Natwest, Lloyds TSB and M&S Money, I can't bank with Lloyds TSB, Halifax, Natwest, RBS or HSBC (as they purchased M&S Money).

Perhaps I should leave it a further 3-6 mths and try with Barclays?

At present, I have managed to obtain a couple of credit card (all payments up to date and no missed payments) and phone contract, which is with o2 (It's the SIM only, 1 month notice to cancel type, but still shows on my credit file).

Think perhaps there maybe something with CallCredit, so will also give them a try.

Any other comments/suggestions most welcome.
Thanks everyone!

[Adam Davies]

Hi
Don't try and bank with an old creditor, they will still hold details. This is not always the case but a good bench mark to use.
Concentrate on creditors that you have never had credit with
Regards

[johnB]

Hi Andy, Thanks for the advice. When you say not had credit with you only mean, not had credit and defaulted on it?

I ask because I had an account a long time ago with Barclays, but didn't at the time of the IVA, so wondered if they could be a "goer"?

Thanks

[kallis3]

You could try them - I think Andy did mean one of the creditors included in your IVA.

Barclays might be ok.

[johnB]

Thanks Kallis, sorry to sound daft, I thought that was what was meant.

I'll give Barclays a go in a few months.

[kallis3]

Good luck John.