Mumsnet Talk

I mabye entering into an IVA

I currently bank with Natwest, i have an overdraft, loan and credit card with them so i need to apply for a new account elsewhere!

Where have you switched to if you've had an IVA?

Hi MillyStar.

I work in the field. We often suggest that people try the Co-op Bank Cashminder account and also the basic Barclays account. Have had good feedback on both from clients.

I used the Co-op cashminder. I also managed to open a barclays cash card account which they let me upgrade after a couple of months to a debit card account.

Both are excellent accounts as long as you dont owe them any money prior to entering into your IVA or any other arrangement with your creditors

I owe Barclays about 3k as they financed my car unfortunately but the loan wasn't secured in the car it was a personal loan!

I phoned co-op today and one of the first questions they asked me was am I in an IVA, so they wouldn't run a mile when I tell them then?

I've applied to Lloyds TSB in the meantime

I have a Basic Bank Account with the Co-op. Had no problems with opening it - did at as soon as our money problems were obviously v severe and then kept it once the IVA started. Only problems I have ever had is that some places still think it is a Visa Electron card and won't let me purchase online (Debenhams and I think M&S) but is a small price to pay.

It feels odd but I love knowing there is no overdraft possible. Having no cheque book is occasionally frustrating but I either pay money or do bank transfer.

No, the coop will be ok with your IVa. Just make sure they know you want the cash minder account. They will run a check on you but it's just for identity check purposes.

Thanks for the help I really appreciate it x