Applied for IVA. Sick with worry

FoggyBrain_2

Judo --- true, Natwest aren't the fastest, but they do come highly recommended ( as long as you don't owe them money). Easy to run the account online, too, which is always a bonus, as, if you end up like me, the account will be checked and double checked several times a day :-)

strugglebunny

Hi Judo - if you're worried about Natwest rejecting your application or taking too long, you could try to open another account somewhere else - some of the posters on the board run two accounts to help them budget. Barclays Basic Account or the Co-operative Cashminder are good options, both have visa cards and internet banking.

I should mention though that I didnt tell Co-op that I was applying for an IVA and got rejected because of my poor credit rating, but I was completely honest with Barclays and they gave me an account there and then in the branch! That was such a relief because I left it a bit late too! I was with Natwest at the time and they didnt twig anything was wrong even when I cancelled direct debits and my salary stopped going in - so their application process could be as slow?? You'll get there

judojub

strugglebunny wrote: »

Hi Judo - if you're worried about Natwest rejecting your application or taking too long, you could try to open another account somewhere else - some of the posters on the board run two accounts to help them budget. Barclays Basic Account or the Co-operative Cashminder are good options, both have visa cards and internet banking.


HI Strugglebunny.
Natwest do certainly seem to be dragging their heels. I never remember it being so difficult to open a basic account (that was many years ago though):rotfl:
I did think about the co-op but there are no banks close to us and might be more hassle than its worth! I might just pay Barclays a visit though:).

FoggyBrain_2

Barclays are IVA friendly (as long as you don't owe them). Co-op is good because you can run it almost entirely on line and can pay in cash and cheques at the local post office. I panicked and applied to Natwest and the Co-op ..... got both of them !!!

judojub

FoggyBrain wrote: »

Barclays are IVA friendly (as long as you don't owe them). Co-op is good because you can run it almost entirely on line and can pay in cash and cheques at the local post office. I panicked and applied to Natwest and the Co-op ..... got both of them !!!

Actually FoggyBrain. I just thought. I have a Barclaycard Credit Card!!!! Guess, that might not be such a good idea after all. Might go with Co-op:mad:

FoggyBrain_2

Oh well ---- Co-op it is then ! You might end up like me with the two! I use one for the DD's and bills and the other for the rest of my allowances (haircuts, car repairs, emergency fund, etc. ) That way I build up a little contingency fund too.

judojub

You say you build up a little contingency fund. Would the IP see that as a 'saving' fund and want to take half of it? Forgive me for asking, I am still very much a 'learner'!

FoggyBrain_2

No -- anything you manage to save from your allowances is yours to do with as you wish. I have things like £20 per month car repairs --- this is squirreled away as long as the car behaves, to make a tidy sum if and when I need a repair or two. Same with my £20 per month emergency fund. I also get £450 per month for shopping and try to only spend £400, so save £50. I have more money now that I am insolvent than I ever had before !!!

The IP will only be after his share of overtime, bonus'e and pay rises .... windfalls ( inheritance, lottery millions) he will want all off (above £500), up to the total owed plus fees and possibly interest at 8%.

Don't worry about asking questions -- it's a steep learning curve and knowledge is power.

judojub

So FoggyBrain. Do you get given allowances by the IP on papaer which you follow or are these just what you filled out on your SOA? (does that make sense?!) Do I take it then that at each pay day I could take all the allowances that I might not need if I have a trouble free, smooth month and put them into a seperate account for a rainy day? And the IP won't touch it? I suppose I am worried about trying to save really. I really want to work hard to try and build some kind of nest egg (albeit a tiny one) but I don't want it taken off me. I know this is pretty much the same question just worded differently but I just need to get it straight in my head the things I can and cannot do!
Thanks again FoggyBrain. Tis much appreciated

FavDaughter1

Hi, we were with Lloyds,we had a overdraft with them & credit cards with them. we opened a basic bank account with the Co Op, we found this very quick, we had the cards through within a week &quickly set up direct debits. when our wages went in we had to get cheques (a basic bank account does not have a cheque book) to cover some things like pet insurance because it was too near the date of payment to get the direct debit set up. i had a building society account (had about £7 in lol!) we drew the money for the pet insurance out,paid it into that building society account & asked for a cheque for things like the pet insurance&sent that by post. it worked brilliantly, i sent payments made that way by re corded delivery to cover us.

a bit long winded to explain but it worked for us. some bills said they'd take 2 payment the next month, just stick to your budget for food etc, draw out the exact amounts that your allowed with your IP allowances.


lots of luck