IVA Bank Accounts

Opening an IVA bank account can sometimes prove to be rather difficult.

So, to save embarrassment, it's important to make sure you know from the start the type of account you need to open.

Opening A Basic Bank Account

The type of bank account you need to open is called a 'Basic Bank Account' and all High Street banks have their own version of this type of account.

Each bank has their own particular name for this type of account, too, so you should make a note of the name that your preferred bank have given to their version of the Basic Bank Account, before you start the application process.

If you ask for the correct account by name, there will be no need for a credit check and the bank you've selected ought to open a new account for you without any fuss.

To protect your future funds you should only approach a bank with which you have no debt.

Potential issues

There is always possibility of the bank being reluctant to open a bank account to someone with a poor credit history.

It would, therefore, be prudent to resist volunteering any information surrounding your financial circumstances during the application process.

If the bank asks why you prefer a 'Basic Bank Account' rather than a 'Current Account' you should explain you simply require a basic account to run your household transactions through and have no need a credit facility.

Choosing an account

Basic Bank Accounts have been specifically created to provide banking facilities for people not wishing to obtain credit. Therefore the bank should not perform a credit check on the applicant.

Professional IVA Advice

If you'd like to have a chat with one of the My IVA Adviser team about the option of entering into an IVA please call 0800 088 7503.

There's no charge for a consultation, there's no obligation to act on our advice and your enquiry will be held in the strictest confidence.

Or, alternatively, complete this form and one of the team will call you back at your preferred time.

Ask for Help

In accordance with the Financial Conduct Authority's guidance, please follow this link if you would like to read a free guide about In Debt - Dealing with your creditors
To find out more about managing your money and getting free debt advice, visit Money Advice Service , an independent service set up to help people manage their money.

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