Bank Account after IVA

Mutabilisrose

Hubby and I were both in IVAs. It should have been 5 years in June. He was made redundant and we were able to pay off his in full and mine with a f&f offer. We have our completion certificates. There is £17000 still left in the bank. Hubby is doing temporary but full time consultancy work. I work full time and we have £5000 in wages a month. I applied for first direct joint account and was rejected as I had been in an IVA in the last 6 years. I didn’t want an overdraft or a loan or a credit card ever again. I have since learned they have the toughest approval rate. So I thought I will ask the co-op who we have a basic bank account with to upgrade to the current account mainly because I want a contactless card for the convenience. They wouldn’t entertain this either. Even though I have been a customer for the last 5 years. What I don’t get is that if we were accepted and did something they didn’t like they can close an account at any time. Is there anywhere else I can try or should I wait until the 6 years are up.

FruitBat

I applied for a Barclays account after my completed IVA. I settled it early so the IVA and defaults where still on my credit file. The gave me a basic account with no overdraft facility etc but it does come with a contactless card.

sourcrates

A Nationwide basic account comes with a contactless debt card, you can apply online from their website.

Once the IVA drops off your credit file, things will improve.

mwarby

Monzo and starling both gave me full accounts with the closed IVA showing. No high street bank will give me a full account with it showing, but the difference between say a nationwide flexbasic and a full account isn't huge (main difference is lack of interest on current account, and access to promotional sales accounts)

DrSqueeze

Nationwide tend to be quite accommodating to customers who've had financial problems, so they are definitely worth a look.