Will I lose a co-op current account after IVA accepted??

UpToMyNeckInIt

If you still are in the IVA pre-approval (creditors meeting) stage, you might be able to do as I did - open a full current account with a non-creditor institution now (less overdraft of course). Best not to reveal that you are considering an IVA though (no requirement to volunteer such information).

I moved to First Direct - and received £100 for the privilege!!! Also opened a full current account with CoOp though, as heard that HSBC group can be unsympathetic if/when they find you on the insolvency register, and make you close your account.

Interestingly, I managed to open the CoOp account after my creditors meeting (the date at which my IVA was put in place), but before I appeared on the insolvency register.

Once you are on the insolvency register, you will probably only be limited to a handful of basic accounts.

FavDaughter1

we did a F&F IVA almost 2 yrs ago. we took out a joint basic bank account with the CO OP,i've just opened a 2nd basic bank account for just myself,got the card through within days. the lady did say it was "reffered" but told me not to worry,it was fine.

we've found them very good,we like the 24 hr telephone banking sevice & internet banking. we also opened a savings account at the same time & used that to put dental,clothing allowance etc in. it also means you can transfer funds between the 2 if you need to.

getdebtfree

Just applied for co-op joint account went into Brittania bank to show ID... said will come through in ten days.

Hope that will all be cool now I need another bank account..

People have said first direct but I have read they will cancel your account once they find out you are on a IVA..

Seen Barclays basic cash account mentioned but I owe them cash could they take my money from the account??

also courier coming to collect all my paperwork for grant thornton tomorow..its moving forward

Marcus

milliemonster

I'm sorry but the information saying you can't have an account with a cheque book as a cheque book is seen as credit is totally wrong, we changed from HSBC (who WILL close your account post IVA approval as they are not IVA friendly) to Lloyds TSB when we were in the early stages of the process and took a full account with a cheque book, we rejected the offer of an overdraft facility, and our IP told us having a cheque book is fine.

There are some situations we have which we need a cheque book for (paying school lunches and my daughter's piano lessons) who do not accept any other form of payment so it was critical to us.

getdebtfree

milliemonster wrote: »

I'm sorry but the information saying you can't have an account with a cheque book as a cheque book is seen as credit is totally wrong, we changed from HSBC (who WILL close your account post IVA approval as they are not IVA friendly) to Lloyds TSB when we were in the early stages of the process and took a full account with a cheque book, we rejected the offer of an overdraft facility, and our IP told us having a cheque book is fine.

There are some situations we have which we need a cheque book for (paying school lunches and my daughter's piano lessons) who do not accept any other form of payment so it was critical to us.

Theses are my creditors below

I dont think I can get a Lloyds account

My debts are with

Abbeynational
Barclaycard
Post Office credit card
Argos
Bank Of scotland
MBNA
DFS

I need my second account be nice to have one with a cheque book arghhhhhhhh but what bank to apply with

Max_Maxwell

milliemonster wrote: »

I'm sorry but the information saying you can't have an account with a cheque book as a cheque book is seen as credit is totally wrong,

Millemonster, your experience of this then differs to mine. I was not permitted a cheque book under my IVA, so it seems there are vagaries with this. It doesn't make what I said 'totally wrong' and I'm put out that you've refuted me so.

We can only offer up our personal experiences on the forum and they may not be the same as everyone elses.

UpToMyNeckInIt

I think it all boils down to when in the IVA application process one chooses to switch accounts: In my case, I switched to First Direct (part of HSBC), got a current account with debit card & cheque book, and £100 after 2 Months.

Got a second full current account with CoOp (again have debit card / cheque book) after creditors meeting, IVA in place, but prior to appearing of the insolvency register.

Also, don't disclose the fact that you are applying for an IVA (no need to disclose). However, I believe that most of the 'basic' accounts don't issue cheque books, and some only issue a cashcard which as anyone should appreciate is quite limiting. To add insult to injury, some even charge you a Monthly fee.

Finally, has anyone tried Metrobank? (Google them). Have heard that they are OK post-iva as well.

getdebtfree

Ill go have a look at metrobank..

This changing bank accounts is taking me far to long so undecided..

marcus

getdebtfree

ok well I will have my co-op account soon use that as main account and im going to open a nat west basic account so we can pay in any savings..

lets go for that :-)

UpToMyNeckInIt

...yes, switching banks is a pain in the backside - still having issues with one or two standing orders / DDs that did not transfer over correctly. (The so-called seamless automated transfer that my new banks had set up was anything but). A necessary evil though if entering an IVA i'm afraid.

Only consolation was that I was able to set up both accounts on-line.