Bank Account help

gsxr750

Hi, We started into an IVA 3 years ago and everything was going fine. Last week Co-op closed my our bank account over a DD payment due to insufficent funds. Fair enough it was the 2nd time in over 3 years. This has left us with a mayor problem. We applied with Natwest and got acceptted and just had to take in ID only to then be told it couldnt happen due to credit check. this has left us with Lloyds TSB or Barclays. I applied at Barclays and they sent a leeter stating the account I applied for was not accepted but CashCard was. Barclays are one of my creditors so can i still have the account? Also having just read Lloyds are not accepting IVA for basic account, What are my options? Are thinkmoney worth trying? or stick with Barclays Lloyds?

Many thanks in advance

UpToMyNeckInIt

Hi gxsr750,

As an alternative, if you have no luck on the High Street, you could try 'Secure Trust Bank', or some of the card-based accounts like 'ClearCash', 'CashPlus', 'ThinkMoney' etc. (Google them, and see which is likely to be best for you).

Many of them offer cash-back incentives on purchases to help off-set their Monthly fees (which can be incorporated into your expenditure allowances).

Of the above, 'Secure Trust' is the only one that is a 'bank' with your funds protected by the FSCS, so that's who I'm with, and would recommend.

Good luck.

gsxr750

many thanks for the reply UpToMyNeckInIt, having looked at the secure trust account I would go with it but can not see if you can have a joint account so will have to phone Monday

UpToMyNeckInIt

...I can answer that one: They don't do joint accounts - any of them. You can open in one person's name and get an 'additional card holder' though.

In my case that is advantageous: Only I am in the IVA, and it is best to keep myself to 'financially separate' myself from my Wife, to minimise impact on her credit rating.

Technically, there is nothing to stop you applying to bank with one of your creditors. Your IVA is in place, which like it or not, they are part of, so they have no legal right to 'set-off' funds - that's not to say they won't attempt to do do however. (Have heard such allegations). So personally I would avoid taking the risk.

Yes, you will get your money back, but after how much grief/inconvenience?

Good luck, and let us know how you get on.

gsxr750

After much trouble and travel to different banks I finally got a joint account with Barclays. They have stopped me having mobile banking and online banking due to them being a creditor on IVA but my wife has got all the online/mobile banking so that ok. Thanks again for the help and advice.

UpToMyNeckInIt

Thought I would resurrect this thread. I found the following links which provide a nice little comparison of some of the more readily available accounts to BR/IVA customers:

http://www.money.co.uk/current-accou...-bankrupts.htm

and

http://www.thisismoney.co.uk/money/g...-accounts.html

Staggered to see HSBC mentioned as a possible - notoriously hostile towards insolvent customers. When 'First Direct' found out about my IVA, they made me close the account.

Anyway, hope this helps.