www.iva.co.uk

Hi is there a bank that will allow me to open a CURRENT account whilst I am in an IVA

Hi, I managed to open one with the Nat West with no problems but others have been un successful.. My wife managed to get an RBS one a couple of months ago, she filled a form in on line then had to take her passport into the bank as proof of ID and that was it..

Hi and welcome to the forum.

The Co-op will allow you to open a basic account with a debit card and online banking whilst in an IVA. It will have to be via the telephone or in branch though.

I believe Barclays are also quite happy for a basic account. Other than that it will have to be a paid for account.

Hi and welcome to the forum,

How long have you been in an IVA? Have you tried any banks so far? You most probably will not be allowed a current account with the usual full benefits but there are banks out there you can use. Barclays have a basic bank account, the co op, nationwide also have this option. I believe HSBC will not allow it, first direct are also a no no. You can't open a bank account with a creditor though.

Karen

Other posters Have opened accounts with co-op bank with no apparent problem, with a debit card also I seem to recall

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Karen.mg

Hi and welcome to the forum,

How long have you been in an IVA? Have you tried any banks so far? You most probably will not be allowed a current account with the usual full benefits but there are banks out there you can use. Barclays have a basic bank account, the co op, nationwide also have this option. I believe HSBC will not allow it, first direct are also a no no. You can't open a bank account with a creditor though.

Karen

Hi Karen, Believe it or not it is possible to open an account with a creditor. I recently opened one with a creditor who I still have a business account with. I was approached by a new account manager wanting me to open an account (they are basically have targets to hit where they need to open a number of new accounts each month), I told the woman I had a bad credit rating and she said that was ok because as I was a previous customer all my details were still on file so they did not have to do a credit check.... 10 minutes later I had a new account....

Personally I wouldn't try to open an account with a creditor whilst still in an IVA. I know they can't offset but I still prefer one that isn't for my day to day banking.

The co-op cash minder is a very good one, basic but good all the same. x

I have to say that I was under the impression that if you had an account with a creditor that they could actually claim money to repay debts outstanding. So not a wise move, but you are obviously living proof that ths isn't so nickjohn. I still wouldn't want to risk it though!

Karen

I don't think they can garnish funds from your account once the IVA is established. Before this they can help themselves.

I still wouldn't want to risk having an account with one of my creditors though.

They can't whilst you are in an IVA but I'd want another account opening just in case there were problems.

You never know what may happen in the future.

I have a nominal amount in the account and don't use it, I just took it because it was offered, costs me nothing and gives me some form of flexibility with accounts knowing how hard it is to get them when in an IVA.

As detailed above whilst in an IVA there is no outstanding debt which they could take money for so there should be no problems.

I have a full Smile account but never use it anymore but keep it just in case. When I entered the IVA I joined the Natwest (basic) and that account does for me. I applied for the Smile at the outset of my IVA as I needed a cheque book for daughters school things but as she's left I no longer need it now but keep the account as I may use it one day x

I tried to get a smile account and they said no