NatWest Current Account post-IVA closure

MrFrugalFever

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!

mwarby

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.

MrFrugalFever

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.

sourcrates

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.

MrFrugalFever

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.