www.iva.co.uk

Hi! I am going to be starting an Iva in the next month or so hopefully! I have been told to open a new account! I did with Barclays! But I’m worried because I think they have gave me a current account! Not basic one! As my credit rating is still ok before Iva! Is this allowed and obviously I won’t be having an overdraft with them! I just wondered where I stand

Thanx Rob

Yes, you are allowed a "normal" account (with no o/d facility) as far as the IVA company is concerned, as long as the bank is happy.

Barclays are pretty IVA friendly. I opened an account with them 3/4 through my IVA, didn't let me have a full current account but no problems with a basic account. Soon as my IVA was finished they automatically upgraded my account. Once all my defaults dropped off they also offered me a Visa credit card with a low interest rate, not managed to have a balance on it long enough to pay interest though. I was also offer an overdraft, which I declined. But the offer still pops up on my online banking every few months. I would recommend them.

We had (and still do) have a full account with Barclays and had no problem.

kallis3 wrote:

We had (and still do) have a full account with Barclays and had no problem.

I think, but only from reading other posts and not gospel, that if you have a full current account with Barclays and then enter an IVA they just leave it as is unless they are a creditor, they then drop you to a basic account but do not insist you close it.

Barclays weren't a creditor but Barclaycard were for me. I've never had a problem with the bank at all.