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moneymuddles
- Posts: 6
- Joined: Sun Jul 22, 2012 9:45 am
- Location: United Kingdom
Hi,
I changed my account to a coop account pre-IVA and I thought all was well. I heard rumblings about accounts with the co-op and IVAs and thought I would check mine. Mine is a current account and the new T&C's basically say they will close it if enter into an iva after opening it.
What should I do?
Thankyou
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
Is it the Cashminder account? I'm sure I've read on here that these won't be affected. However, there are other IVA friendly banks out there, I'm personally with NatWest but other posters will be along soon with their suggestions.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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moneymuddles
- Posts: 6
- Joined: Sun Jul 22, 2012 9:45 am
- Location: United Kingdom
Hi, thanks for your reply, I checked and it is a current plus account with linked savings account (never used), it was the one they offered me when applied.
I can't change to Natwest, Barclays or Halifax as have debt with these.
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
I do believe Nationwide are IVA friendly too, do hang in there others will be along soon.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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ginger323232
- Posts: 544
- Joined: Thu Jan 10, 2013 12:31 pm
- Location:
Agree with Lesley about nationwide - you can apply on line and you get an instant decision - as i believe even with the Co-op cash minder you have to wait a while for paperwork. Regardless if you are worried it may be worth opening an account up elsewhere as a back up
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ginger323232
- Posts: 544
- Joined: Thu Jan 10, 2013 12:31 pm
- Location:
Just checked of Nationwide Cash card account application - if you enter the accurate answer to question two about being in an IVA - it dismisses the application.
Another one is the cash transactor account with Yorkshire Building society - however it only offers a cash card with this account - but allows DD/SO from the account
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UpToMyNeckInIt
- Posts: 607
- Joined: Fri Aug 03, 2012 3:25 pm
- Location: United Kingdom
Hi moneymuddles,
I too have a Co-Op Current Account (not Cashminder). You are right to be concerned about the new terms, but personally, aside from opening up another basic bank account as a precaution, I would sit tight.
Anecdotally, other forum members have reported enquiring with the Co-Op, who have said that it only applies to new customers, but also I am aware of one member who revealed their IVA situation, and was asked to close the account.
If you don't do anything to cause Co-Op to credit check you like apply for an overdraft etc, you should be OK.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
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moneymuddles
- Posts: 6
- Joined: Sun Jul 22, 2012 9:45 am
- Location: United Kingdom
Thank you very much for your advice. I think I will
Sit tight for now and research other basic bank accounts as a back up.
Thanks
