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NatWest Current Account post-IVA closure
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MrFrugalFever
Posts: 1,301 Forumite
in IVA & DRO
A brief overview....
entered in to IVA in September 2017, got discharged in October last year after a F&F settlement was accepted.
NatWest put my 2 current accounts in to a 'Foundation Account' from their standard and Advantage Gold accounts - which I was aware that they would, however, I have recently just requested to upgrade my account since being discharged from Foundation to Select and they are refusing to do so. The only thing I can get out of them is that because my IVA is still on my file....is this something I should just wait to drop off or should I pursue a route of complaint?
Thanks!
entered in to IVA in September 2017, got discharged in October last year after a F&F settlement was accepted.
NatWest put my 2 current accounts in to a 'Foundation Account' from their standard and Advantage Gold accounts - which I was aware that they would, however, I have recently just requested to upgrade my account since being discharged from Foundation to Select and they are refusing to do so. The only thing I can get out of them is that because my IVA is still on my file....is this something I should just wait to drop off or should I pursue a route of complaint?
Thanks!
If you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing
0
Comments
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Its likely that you won't be able to upgrade until September 2023 I'm afraid(although worth checking from time to time). You could complain but its unlikely that would change anything. You could try other banks for a full account, Monzo and starling both offered me accounts when my IVA was still showing, but none of high street ones.
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Thanks, I did think this would be the case. I find it highly amusing that I have access to a £2,000 Credit Card within weeks of being discharged but cannot upgrade my account to a standard non-overdraft account with a bank i've been with for over 16 years. Hey-ho, i'll give them a call tomorrow but I fear you will be spot on.If you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing0 -
Lots of banks do standard basic accounts with contactless debt card, and all the other facilities of current accounts, just with no overdraft.
Monzo/Lloyds/Nationwide and Coop are just 4 examples.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I think I just need to be patient and wait for the 'clean slate' in Sept/Oct 2023. I have no intention of changing bank from NatWest as, apart from this minor issue, I haven't ever really been able to fault them in all the time i've been with them.
I have considered the 'Chase' card due to the 1% cashback offer and the 'soft search' check but not sure how much i'll really benefit from it at the moment as every spare penny I have is going towards a house fund.
If you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing0
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