can anyone suggest which bank would be good to go to i am already with natwest, barclays and alliance and leicester and what facilities would be available.
You seem to be with some good Banks already - however are any of these one of your Creditors. If they are you would need of course to find another account elsewhere.
The Co-op Cashminder comes highly recommended by alot of Posters here and it consists of an Electron Debit Card and you can pay all your DD's etc. I do not think you have a cheque book with this but nowadays not many people use them anyway.
If your credit file is still undamaged you will have access to more accounts than if your IVA is in place. You could try the Halifax who credit the account with £5 per month if you pay in at least £1,000 per month.
If your credit file is impaired and you cannot get an account with most facilities the Co-op and Yorkshire Banks come highly recommended on this site.
sorry i should of made it clear i have overdrafts with these banks and hope to write them off in the iva, i would need a personal one and also a business one.[:)]
As myself and Michael have said try either the Co-op or Yorkshire Bank for the Personal Account. With regards to the Business one I am not sure so it would be worth a call to either to find out.
Again it depends on what shows up on a credit search. I would still suggest the Halifax for both accounts or Lloyds who have a reasonable reputation for business accounts. You do not need to tell the new bank that you are considering an IVA but do not ask for any overdraft facilities whether for the business or personal use.
I am in the IVA process and have debts with my current bank, Abbey. I have switched to Think Banking who offer a managed account, great for budgeting, you get a Salary account where all your money goes in and they manage your account taking into account your payments going out. The spare money is transferred over to your Card Account, it is a Maestro card so widely accepted. You can withdraw up to £400 cash a day at cash machines too (if you are lucky enough to have the money in your account!). It's open to everyone, regardless of IVAs, poor credit etc. Worth having a look at their website. I dealt with an extremely helpful woman called Cath Leather, following the set up you are given a named Money Manager.
They offer Internet banking, no overdrafts but no fees/charges if there is a problem on the account. No cheque books but if you need one, they will have one ready to collect at a branch of Royal Bank of Scotland.
Nicinamess - did you have to pay something to open the account and do you pay a monthly fee? It seems to imply that you pay £25 to open the account and £12.50 per month - this doesn't seem a good deal unless I am missing something?
Debt problems, what debt problems? I'm not in De Thames, I'm in De Nile.
The support and info that they are giving me is a great help. They text me when payments go in and give me up to date balances on my Salary and available cash accounts. I had expected a payment to go in yesterday, it didn't due to set up time with the payees bank. My money manager called me straight away as it alerts on their system. It just means that you always know where you are. I have had so many charges with my current bank because of not being up-to-the- minute with my banking. To know that someone is looking out for you and won't let you spend money that is there for bills is helpful to me.
I felt that the advice and support given was well worth the £25 set up and it works for me.
I'll be interested to know how long that support lasts! I had an account with them for a short while and they were brilliant when it was being set up, and then they were next to useless even when I could get through on the phone.
Be warned if you text them for a balance - although their text is free, your mobile phone company may charge you.
Thanks for the warning, I'll keep an eye on it. I haven't had to text them yet, they are sending me texts as I have a couple of payments a week going in, so it gives me a balance then. At the moment I am writing every single thing that goes in or out down as a back up to help with my budgeting. I have gone from someone who never knew my account balance to Ebenezer Scrooge within a week. Needs must.
I will update on the site if I start to have problems.
I went with them as my IVA is being dealt with by Freeman Jones, part of the Think Money group. Recommended on MoneySupermarket.
Personally, I would not touch a managed account when I can get one which is free.
I can't justify paying a monthly fee for an account when I need to account for every penny.
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
