www.iva.co.uk

AsI am still deciding between a dmp and iva- i have just tried to open and been refued a basic bank account with cooperative! Gosh things are getting problematic. Maybe its due to me making many apllications for credit this year. Im with HSBC right now with no credit with them. Any ideas?

are you on the electoral role as I had the same problem.

if you have no debt with HSBC you may be able to keep that account but i do know that HSBC don't like people in IVA and they do freeze acounts as soon as they find out. the co-op is normally really good im suprise it was rejected yorkshire bank are quite goos as well i moved from HSBC to halifax and they have been fine so far.

If you do a DMP then you can keep your HSBC account. If you do an IVA, be prepared to have the account closed as they trawl the Insolvency Register and do not like IVA's.

Try Yorkshire Bank, they are quite good usually.

I have heard people who are not on the electoral role have trouble opening a basic bank account with co-op.

Whihc is worse on the creidt file a dmp or a IVA?

Im worried of the risks of ccjs and ocurt action on a dmp but no company will give me proper stats on the likelihood of this occuring

A DMP is not listed on your credit file where as an IVA is. However after 6 years the IVA drops off, a DMP may well be carrying on as there is no time limit to a DMP.

An IVA will remain on your credit file for 6 years from the date of acceptance. A DMP will remain on for a lot longer.

You can get CCJ's whilst in a DMP and no one will be able to tell you if this will happen or not.

You cannot get a CCJ whilst in an IVA.

Mainstream banking, where banks are happy to let customers operate a basic bank account with no overdrft facility and without charges I am sure will be a thing of the past before too much longer.

There are a couple new products about to enter the marketplace over the next few weeks which will offer current account facilities without any form of credit checking and with guaranteed acceptance.

As and when I start getting charged for my account, then I will probably look at one of these, but I'll stay where I am for now.

I do agree though that if you have problems getting a bank account, then they are good.

I think im swinin back towards an IVA its just so complex as now ive been refused a coop account basic, and my pay alters in august. will i needs proof of that from hr

You will just need to inform a prospective IP of the change at the moment.

Give one or two IP's a ring. They will be able to go into things in far greater detail.

You can either phone any of the ones who post on here, or check out www.iva.com where you will find a lot more.

kallis3 wrote:

An IVA will remain on your credit file for 6 years from the date of acceptance. A DMP will remain on for a lot longer.

You can get CCJ's whilst in a DMP and no one will be able to tell you if this will happen or not.

You cannot get a CCJ whilst in an IVA.

Whilst it can theoretically happen that a creditor can apply for a CCJ whilst in a DMP - I have not known this to happen if the DMP programme is kept to. In any event creditors (if banks and credit card companies) have to adhere to TCF and all that.

WinTheRace has been getting advice from Abacus and other posts by me and others on different threads have indicated the difference of IVA to DMP's for him. Also the changing circumstances should be told to the Abacus advisor that has been communicating with him.

Hi

I am looking at an IVA also, and initially I went to HSBC for a basic. After talking to a member of Melanie's team, she told me that HSBC will close the account if my IVA was accepted. I was then advised to look at Nat West, Nationwide or Abbey National

Nationwide have a question on their application form asking if you have an IVA and if so then the basic account can not be opened. I didn't get anything from Nat West, just told to make an appointment. However when I went to Abbey National, I explained I was looking at an IVA and that was why I was opening the account, and they said fine no problem and opened it there and then. No problems at all

I guess the proof will be if my IVA is accepted, but so far so good

If anyone has had trouble with Abbey and IVAs let me know

Cheers

Good luck Althas with your IVA proposal and useful information about bank account applications.