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Posted: Sun Nov 16, 2014 11:06 pm
by Pingu
Hi all,
Has anyone switched bank accounts to an old creditor included in their IVA? My IVA finished early in 2009 and came off my credit files in 2012. Im thinking of switching bank accounts to Lloyds but Lloyds TSB as they were then were included in my IVA...so im wondering if this is possible?....or wise?!?
Posted: Sun Nov 16, 2014 11:27 pm
by plasticdaft
It is possible but some companies maintain their own records for longer than the 6 years things remain on credit files so you may get a no thanks answer,although I think they will happily take you on as a new customer.
Paul
Posted: Mon Nov 17, 2014 12:30 am
by Shining
Hoping you're able to. My set back with the Halifax when opening a new account was the have you ever been in an IVA question all was good until then that was a new customer.
Posted: Mon Nov 17, 2014 7:43 am
by hubert
I opened an account with Barclays during my IVA and Barclays was one of my creditors.
I opened it in person and told them I was in an IVA at the start. I think that was key.
All went through OK and I walked out with a new account.
On the subject of declaring an IVA in the past, it is my understanding that you are not obliged to declare it once it's gone from the insolvency register and the credit reference agencies. However, there seems to be differences of opinion on this and I've never seen an official answer to it.
Posted: Mon Nov 17, 2014 9:12 am
by Adam Davies
Hi
It will depend on the banks record keeping
I have new credit with creditors in my original IVA but there are also some creditors that have turned me straight down
No definitive answer but it's worth a try
No need to mention the IVA unless asked
Regards
Posted: Mon Nov 17, 2014 4:24 pm
by hubert
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andy Davie
Hi
It will depend on the banks record keeping
I have new credit with creditors in my original IVA but there are also some creditors that have turned me straight down
No definitive answer but it's worth a try
No need to mention the IVA unless asked
Regards
Herein lies the quandary...
Many application forms ask if you've EVER made an arrangement with your creditors or something similar.
Should you say yes when it's been erased from file?
Surely no, the slate has been wiped clean has it not?
Or is the 20 year old who enters and IVA forever punished with no mortgage, no job in finance, no car loans etc... for the rest of their life? Unless they pay insane interest rates to dodgy lenders...
Not saying I have the answers. Nor, sadly, am I 20 anymore.
But in my mind something doesn't stack up if we must dredge it up whenever asked no matter how historic.
Even a convicted criminal who's been in prison gets a clean slate!
Posted: Mon Nov 17, 2014 6:41 pm
by Shining
I agree with you and wonder if that question is asked does this stay with you forever? as we are advised to answer honestly.
Posted: Mon Nov 17, 2014 7:18 pm
by hubert
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lesley_
I agree with you and wonder if that question is asked does this stay with you forever? as we are advised to answer honestly.
I almost feel like it's a taboo subject.
[:)]
Posted: Mon Nov 17, 2014 7:21 pm
by Foggy
Trouble is there are laws which prevent a prospective employer dragging up a criminal past -- but a lender can ask what they wish and apply whatever criteria they see fit. Wrong I know, and maybe something we should be bombarding MP's about.
Maybe start an e-petition .... Andy ???
Posted: Mon Nov 17, 2014 10:47 pm
by Pingu
Thanks for the responses guys. I may give it a try applying online at some point and let you know how I get on. It would be lovely to be able to 'forget' about the past at some point and not have to fear that blummin question after years of squeaky clean living!!
I guess credit isnt a certainty for anyone these days though and Ive done ok so far with other things like a couple of mainstream credit cards and a mortgage obtained with a 15% deposit without the aid of a broker....so there is hope!! I just wish that niggling doubt (and that question) wouldnt be a millstone for ever
Now where do I sign that petition ;o)
Posted: Tue Nov 18, 2014 8:23 am
by hubert
When you obtained your mortgage, did you mention the IVA during the application process?
Posted: Tue Nov 18, 2014 8:51 pm
by Pingu
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by hubert
When you obtained your mortgage, did you mention the IVA during the application process?
It was the first thing I told them. I applied to a small building society though who used human logic rather than the 'computer says no' system [:)]