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opened new account,is it the right type?
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Hi all,my wife and I are just about to apply for a joint interlocking AVI,
a few of weeks ago we went to the Co-op to open a new account for each of us.we made them aware that we were going to apply for an IVA and that we would like a basic 'cashminder' account,the young lady there was very helpful and seemed as if she had seen a lot of people in same situation,after around a week both our new accounts were with us and we also had an 'extra' saver account each which would be very useful.both our wages have been switched to our new accounts so now our money is 'safe'.
however it seems we have a current account each (says so on debit card),no overdraft but we do have a cheque book each,as well as the extra saver account
does having a new 'current' account cause any problems with going into an IVA,if it does we will get this changed asap.
I did make it very clear to co-op that we were applying for basic accounts,she seemed very efficient so I'm not sure if she has made a mistake,any advice would be appreciated,thank you.
a few of weeks ago we went to the Co-op to open a new account for each of us.we made them aware that we were going to apply for an IVA and that we would like a basic 'cashminder' account,the young lady there was very helpful and seemed as if she had seen a lot of people in same situation,after around a week both our new accounts were with us and we also had an 'extra' saver account each which would be very useful.both our wages have been switched to our new accounts so now our money is 'safe'.
however it seems we have a current account each (says so on debit card),no overdraft but we do have a cheque book each,as well as the extra saver account
does having a new 'current' account cause any problems with going into an IVA,if it does we will get this changed asap.
I did make it very clear to co-op that we were applying for basic accounts,she seemed very efficient so I'm not sure if she has made a mistake,any advice would be appreciated,thank you.
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Comments
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You should be OK ---- Co-op seem IVA friendly ( except -- strangely in this case) where savings accounts are concerned. Having a "current" account isn't the problem, having an overdraft facility or an account linked to a creditor is. I imagine they ran a credit check and (as you haven't got to the IVA or defaults stage), it looked OK -- so they opened a current account instead.0
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**Before you apply for the IVA, make sure it's right for you. Only get the IVA if it's really required. I am in an IVA agreement and its like a prison sentence!! You can't do anything!! Plus, any savings you have, they can take off you! You cant get any credit what so ever! Make sure you know what your doing, don't make a mistake as it can have life changing effects.0
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True, Lee, an IVA is not to be taken lightly. Sounds like you have been badly advised if it's that bad for you. Credit, however, is the last thing you want to be getting more of!!!!0
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You'll be fine. As long as you're in a position where you don't owe money to the people you're banking with then it's all OK.0
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