New Bank Account for IVA

Raybfc321

Good Afternoon All,

After checking this site a few times and seeing what great helpful people they're on here I thought i'd ask a quick question

Im looking at going for an IVA and have been reading elsewhere that I wont get a new bank account due to having an outstading loan with Lloyds (About 8.5K) this of course worries the life out of me, especially as I'm yet to go on my partners address and have just been floating around so have no previous address for the last couple of years.

Are there any banks who would let me open an account??

Thanks

Ray

judojub

Hi.
I just recently opened a Step account with Natwest with no problem. Co-op Cashminder account is also supposed to be a good one. I think the main thing is not to bank with somebody you have debts with! Pretty new to this myself. Sure somebody will be along shortly to help more than I have.
Good Luck!

judojub

Ooh. You must also make sure it is just a basic account. No overdraft facility or anything like that

Raybfc321

judojub wrote: »

Ooh. You must also make sure it is just a basic account. No overdraft facility or anything like that

Trust me Judo, i want NO overdraft or anything like that, I'm in enough mess

FoggyBrain_2

Yep -- the basic rules are to bank with a bank unconnected with any of your creditors -- basic, no frills, account. Co-ops is good and with good online access. The only problem you might have is with not being on the electoral roll for a while, so you will probably have to go into branch to present identity documents and proof of address.

judojub

Raybfc321 wrote: »

Trust me Judo, i want NO overdraft or anything like that, I'm in enough mess

Haha! I hear ya!:rotfl:

Raybfc321

FoggyBrain wrote: »

Yep -- the basic rules are to bank with a bank unconnected with any of your creditors -- basic, no frills, account. Co-ops is good and with good online access. The only problem you might have is with not being on the electoral roll for a while, so you will probably have to go into branch to present identity documents and proof of address.

Cheers Foggy, I'm hoping to get added to her address very soon so hopefully by the time i go to the bank I'll have an address

DrowninginDebt

Hi Ray
I was with First Direct and had an unblemished record for 16 years but they are now closing my account as they don't have customers with IVAs! Bah humbug! lol
Here is a link to the banks with affiliated credit cards - type in lendingstandardsboard dot org dot uk then subscriberlist.php
Nationwide Bldg. Soc. and Yorkshire Bank turned me down as they said they now do not accept customers with IVAs but I have opened an account with the Co-Op no problem.
Hope this helps

Cat1

Hope nobody minds me hijacking this thread...

My partner is currently on a DMP but is going to go for an IVA. He changed his current bank account to HSBC from Llloyds when he started the DMP. He owes the majority of his debt to Lloyds. HSBC gave him a standard current account, no overdraft as he hasnt asked for one. He does have a visa debit card though. Does he have to tell HSBC he has entered into a IVA even though he owes them no money?

FoggyBrain_2

Hi Cat -- he doesn't have to tell them. However, if they find out they will close the account. HSBC are notorious IVA haters.

katiemay_2

I don't know about the electoral role issue, but I opened a new, perfectly normal (as in debit card, cheque book, etc - not a "bad credit account") with Alliance and Leicester after I had made contact with CCCS but just before I entered into my IVA, and everything has been fine and dandy. I didn't ask for an overdraft or credit card, and everything has been fine. That was 8 months ago. Hope it helps!