IVA bank accounts, or more accurately, bank accounts that are available for people in an IVA, can sometimes be awkward to open.
So it is important to make sure from the start which type of account you are trying to open.The type of bank account you need to open is called a ‘Basic Bank Account,’ which all high street banks can provide.
The main problem you will face is the bank being reluctant to give a bank account to someone with a poor credit history, and they will want to ‘run a mile’ when they realise you have an IVA on your credit file.
But, if you ensure 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.
It would also be prudent to resist volunteering any information surrounding your financial circumstances if at all possible.
If the bank asks the reason why you prefer to open a basic bank account rather than a current account, explain you are looking for a basic account to run your household transactions through and do not want or need any credit attached to it.
You will find a full list of basic bank accounts from which you can select the account you want to open.
All of the accounts are available to someone about to enter into an IVA or is actually already in one.
You will also be able to see which bank accounts are available to people entering into bankruptcy
Follow the link if you are interested in further information surrounding IVA Basic Bank Accounts, or would like to know why it is necessary to open a new bank account at all.
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