Bank account after IVA

Eric_the_king

Hi All

Entered an IVA a little over three years ago, but was able to to settle it early after my parents came into some money and very generously offered to put it towards our IVA, so we were clear of the IVA a couple of months ago.

I was about to apply for a normal current account after having used a basic one for so long, just to get the extra convenience of a debit card. Also, i want to look at my credit files as outlined i the sticky on this forum, but need a debit or credit card to sign up for the free trials.

I know there are credit checks performed on getting an account because of overdrafts etc, but i was wondering whether the IVA would be likely to scupper my chances at the moment, whether it's completely down to your personal history, or whether it should be no problem? I've had no other defaults or missed payments etc since we started the IVA.

Any advice welcome (even if it's simply "everyone's different)!

Also, as a secondary question, on the assumption i applied and was rejected, how big an issue is that on your file? I know you shouldn't keep applying in that circumstance, but is one isolated failure a big deal?

Thanks in advance.

sunnsea

Sorry I cant help you with your first question as I am trying to find the same thing out myself after my debt relief order finished in July but as to the second question...

Anywhere you apply for credit (including bank accounts) is shown on your credit file. The more places you apply to the worse its going to look, which is why everyone says don't apply for too many as it looks bad. These footprints as they are called stay on your credit file for 12 months so do try to only apply to the ones who are going to say yes to you.

Money supermarket used to have a great tool which allowed you to answer questions on your financial status and then it would tell you which were the financial institutions that were most likely to lend you money or in your case let you open a current account with them.

I'm not sure whether it's still on line but I'm sure if you put in the search engine what you are wanting, it will come up with the best Banks for you.
Good luck

sunnsea

PS another thing you could do is ring a few Banks up before you try to apply.

Tell the Bank your circumstances and say you are just asking in general as to whether they would accept you with your financial background for a current account not a basic account.

If asked tell them you do want want to enter into anything just now and don't want a credit check done at this time.

Whatever you do don't give your full name and date of birth otherwise they may do a credit check on you and it would then show on your file.

Again good luck

Eric_the_king

will give that a go, cheers.

lexie2005

Natwest gave us an account (STEP) when we had poor credit history just before our IVA started & I believe the Co-operative bank offer one too. With the STEP account you have a debit card but no overdraft facility. Good Luck

ToffeeBlue

I have a Co-op Cashminder which has a debit card, but no cheque book allowed, which is one of the :-( Obviously no overdrafts are allowed. You best to go to branch with all your ID and bills for address purposes to open the account.

doelani

We got full bank accounts a few months after finishing out IVA which we finished early with a full and final. We made appointment with local branch ( Ulster Bank which is part of RBS group) and explained we had finsihed IVA, they asked for proof it was finished and 6 months bank statements to show how our bank account had been used , no charges etc.

We opened 2 joint current accounts ( one just for bills) with debit cards and cheque books ( only been used afew times) So it can be done but be totally honest up front with local branch when applying.

sunnsea

After two months of my DRO finishing, on the advice of another member on the forums, I walked into the Lloyds Tsb. I told them the whole situation so that the advisor wouldn't be surprised when she checked my credit file and also so she knew I was being honest about my financial situation. Twenty minutes later, I walked out of the Bank with a new current account and my Visa debit card was sent to me three days after that. So guys just to let you know there is light at the end of the tunnel. Good luck to all of you.