www.iva.co.uk

I am registering for an iva. I need to change my bank account as the iva will include the overdraft. My current credit rating is very poor. Which bank/ building society will offer me a new current account ?

If you do it before you are in the IVE you should be able to get one anywhere - unless you have already missed loads of payments.

Your best bet at the moment would be a co-op cashminder. You will need to be specific that it's CASHMINDER you want, other accounts may well be refused.

Hi Monica - welcome to the forum

As you state your credit rating is already poor you will need to ensure you are asking for a basic bank account. The Cashminder account that Foggy mentions is a good popular one. Some of the other banks do offer basic accounts but ensure you choose one that is not associated with any of your creditors. The company you have chosen to represent you should be able to help you with this.

Who did you register with as they may have a representative on here?

Hi Monica.06,

I opened an account with Yorkshire Bank, readycash account I think it`s called, just as I had started the ball rolling with my IVA.

I had to go in branch to open the account and they did a credit check on me, at the time I was up to date with all my creditors.

The account comes with a Maestro debit card and very good internet banking which shows real time account balances and payment authorisations so you know exactly how much is in your account to the minute.

too got a Yorkshire bank account but a full one as I opened it before my iva went through and my credit score was high.i have not got an overdraft but everything else inc check book.been great up to now and the online banking is brill.

I opted for Halifax Bank as also wanted a Visa Debit Card and Online Banking so can live without the stigma of not being able to pay by card (as I didn't want friends and family noticing I suddenly became a 'cash only' person) and needed freedom for online shopping..i.e. essentials such as food shopping as luxuries are a thing of the past...

Good luck with your IVA!

I was able to open a basic account with the Norwich & Peterborough .

Hi all, I've just been granted an IVA. Really pleased it all went through and have a massive weight off my shoulders now.

I've had a look through this thread and it seems that the Co op offer the best account for me.

Just to let future people now that I didn't get a new account before the IVA which has caused a few problems. Natwest and Barclays wouldn't give me any account at all today.

I need a basic account that allows me to use the card in shops, petrol stations etc.

Online and most importantly one that can accept BACS payments and offers online banking.

If you are reading this and haven't already applied for the IVA go and set an account somewhere before you do, I wish I had.

Thanks for the help above, cheers

Hi Richard and welcome. You might like to ask admin to change your user name and remove the website address, as both defeat the object of anonimity to the wider world.

On the bank front, I have been using the co-op for over three years now and have never had a problem with their services, other than the online banking is a bit slow updating.

Hi Richard,

As an alternative, if you have no luck on the High Street, you could try 'Secure Trust Bank', or some of the card-based accounts like 'ClearCash', 'CashPlus', 'ThinkMoney' etc. (Google them, and see which is likely to be best for you).

Many of them offer cash-back incentives on purchases to help off-set their Monthly fees (which can be incorporated into your expenditure allowances).

Good luck.