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Posted: Thu Sep 15, 2011 9:30 am
by oscar
We have just recently completed the IVA. If we apply for a savings account is it likely to be refused because the IVA will still be on record for another year or does this vary from bank to bank maybe? Any advice aappreciated
Oscar
Posted: Thu Sep 15, 2011 10:11 am
by kallis3
Hi Oscar,
Not sure about this as some banks will allow you to do that but others won't.
Might be advisable to wait until the six years are up?
Posted: Thu Sep 15, 2011 12:18 pm
by langerbridge
The key here may be to open a savings account with a building society. They tend just to do a search to verify address rather than credit check.
Posted: Thu Sep 15, 2011 12:38 pm
by plasticdaft
Try whoever you currently bank with for a savings account. Maybe ask in branch and be honest about iva being on file!! Any bank turning you away must be daft!! I mean who has spare cash laying around, yup the folks that just finished an iva!!!
Paul
Posted: Thu Sep 15, 2011 12:47 pm
by oscar
thank you Paul and langerbridge x
Posted: Thu Sep 15, 2011 12:50 pm
by kallis3
The Co-op won't do it if you are in or have an IVA on file.
Posted: Thu Sep 15, 2011 5:33 pm
by Foggy
I opened an online savings account with Yorkshire Building Society (not Bank). All up and running in minutes on the computer.
Posted: Thu Sep 15, 2011 5:49 pm
by luluj
It is terrible to say but life after an IVA is still difficult - we have been turned down for four different savings accounts - both with current banks, building societies and ISA accounts ! Madness seeing as I have a 4 figure inheritance figure in my bank account waiting to be put away !!
I am going to buy Premium Bonds instead if I can't get it resolved before the end of the month !
Posted: Thu Sep 15, 2011 7:35 pm
by Adders
Hi the coop opened a savings account for me although the iva was on my file it showed as completed they stated that was fine. Also got an online saver with halifax.
Posted: Thu Sep 15, 2011 7:48 pm
by Greenie34
lol many moons ago i worked abroard and ended up coming back to england with around 5 thousand pounds in my bank account. i was currently with yorkshire bank and at that time they didnt have a visa/cirrus/maestro card which worked abroard, needless to say i went to the HSBC(used to be midland) bank to open a deposit/standard account with the transfered balence of 5+k....
they turned me down due to a bad credit score on a credit check.. even though my bank balance was over five thousand pounds -.-
i was rather miffed and vowed never to do any buisness with said bank again lol. back then i had only ever had 1 loan which was paid in full and never missed a payment(some 17+years ago now)