How long after an IVA until I can upgrade from basic to current account?

Pinkjoey

Hello

Myself & my husband successfully completed an IVA in October 2011 & everything is fully in order...I.e all defaults have been removed from credit files & it's gone through the courts etc.

Whilst we were in our IVA we have been banking with The Cooperative Bank via a Cashminder account.

Ideally I would like to upgrade to a current account...I have looked on the website for the current account plus & one of the eligibility questions state 'I have not been defaulted on any credit agreement in the last 6 years'... So, I rung up to query & was informed that it means in have not been in an IVA within the last 6 years...meaning in effect in would be 12 years from when I entered the IVA as to when I could get a current account?! This seems harsh!

I've had a look around the site but can't find anything specific to this. Has anyone any ideas? Is it right? If so, are all banks the same?

Any advice welcome
Thanks:D

john1002

It is correct that it is 6 years before the co op will entertain you an upgrade but this is only six years from the IVA date and any defaults that have followed, I would suggest you get a look at your credit files from all three agencies and make sure you have cleaned your files up,ready for when you can upgrade at the best possible time.

HTH

john

Pinkjoey

Thanks! I've already got copies & they are clean. Score being 500/600. I'm happy to move to another bank but thought it would be easier to just upgrade with co-op.

So, is it 6 years from when the iva was taken out or 6 years from completion? The customer service advisor said from when it had finished?! The defaults were prior to the iva starting...

Thanks

BugsyBrowne

Pinkjoey wrote: »

Thanks! I've already got copies & they are clean. Score being 500/600. I'm happy to move to another bank but thought it would be easier to just upgrade with co-op.

So, is it 6 years from when the iva was taken out or 6 years from completion? The customer service advisor said from when it had finished?! The defaults were prior to the iva starting...

Thanks

Well with 500/600 you have the pickings of any bank.

chanz4

Is the iva still on your file

jsmith9156

I finished my IVA in September 2011 and was told the same by The Co-op, you must have FINISHED your IVA for six years before they will let you upgrade to a "proper" account.

I managed to open a reward account with the Halifax a month ago, so have ditched Co-op.... Give another bank a go!

James