www.iva.co.uk

can i have a normal bank account if i am in a i.v.a.?
if not , way not?

Depends what you mean by normal.
If you mean, Debit card/overdraft/cheque book/cheque guarantee then NO.
If you mean Debit card/DD facilities and possible cheque book then YES.
I personally use NATWEST. I have A VISA debit card and all my bills come out via DD or standing order.

Hi Raffaele - welcome to the forum.

You will need a bank account with no credit facilities - many of the noral High Street banks offer a basic account - they operate the same as a normal one, you just don't have any credit facility on it.

The IVA will adversely affect your credit record so you will not, and should not (!) be able to have any credit and also, it is a protection to prevent someone relying on an overdraft.

Hope this asnwers your question. Are you already in an IVA or considering one?

Regards,

I have the basic Co-op cashminder account. No cheque book or overdraft (what a relief!) but it does the job. I have a Visa debit card and no one would know it's "different".

I have a full bank account with Smile (part of Co-op) I got this whilst my IVA was being set-up as my credit file must have been 'ok'. I received an automatic ovedraft which I asked to be removed but other than that it's a full account. No problem for my IP as I did check. So long as there is no credit facilities all is fine with an account.

I choose to use my Natwest Step as I just prefer it but do keep this one for daughters school costs due to the cheque book. x

I use Lloyds TSB and have their Classic Vantage account which is just a normal bank account with Visa Debit Card, Direct Debit facilities, Standing Orders, Cheque Book, Online Banking etc, and it pays interest.

Although there is an option for overdraft facilities, I chose not to use this option.

In fact I am happier with Lloyds TSB than I ever was with RBS who I was with for nearly 30 years.

I too have a silver account with Lloyds TSB & had this set up in the run upto my creditors meeting.
They did try to push us into a corner to have an overdraft. But when I explained we were in the process of IVA & could not have any form of credit. The assistant checked with a senior member n they said it was fine n to make sure we dont go overdrawn because of the fees & we haven't.
I also have a Yorkshire bank basic account which I put my housekeeping money into.
I do recall Andy Davie saying you can have a normal account as long as its not linked with your creditors & you dont take an overdraft.

Hi
You can have an all singing and dancing account as long as you do not use any credit facility. No problem having a cheque book and cheque guarantee card also
Regards

If you can get an ordinary account you are fine.

I have an account with Secure Trust Bank, which is part of the barclays group. No credit checks. Debt Free Direct reccomended them to me when I began the IVA application. Very basic. No cheque book, you just order any cheques on line and they are posted ready printed. A pre-paid Mastercard, which means you can only spend the amount you have loaded onto it. Some companies still do not accept this type of card for phone or on-line payments, which is a little ridiculous because it is really only a Debit card. You have total control like any other account, more in fact! No charge for any unpaid Direct Debit. One monthly fee of £12 which I think is reasonable, some people may think this a little excessive, but this account really suits my needs.

Good luck.

I thought Secure Trust was a totally independent bank?

I thought they were independent as well. I think the £12 fee is quite high to be honest and would only recommend one of these accounts as a last resort.

Totally aqree Skip. I thought Secure Trust were totally independent.

They are completely independent. Why would you think that they were not?

I thought that was the case, I was suprised to see that daisypoppy thought they were part of Barclays.