If you are thinking about getting an Individual Voluntary Agreement (IVA) or are in the process of getting your IVA application accepted, one key bit of debt advice is that you may have been asked to switch bank accounts to one who is not on your IVA creditors list.
You should be aware that many finance houses are linked (owned by the same company), so be very careful that you are not opening up a new bank account with a linked company. You can avoid this problem by getting a basic bank account with us – Call now for further information about our IVA bank accounts.
An IVA will affect your financial status, and some people worry that if they have an IVA (or declare bankruptcy) they will not be able to get accepted for a bank account in the future. But there are IVA bank accounts which are otherwise known as a basic bank account. This allows someone with an IVA to have the basic banking facilities.
Like a normal bank account, an IVA bank account will still allow you to pay your wages in and you will have a cash card which you can use to withdraw money. There will not be any type of credit facilities with IVA Bank Accounts, as part of your IVA agreement is that you will take no further credit.
If you do not have an IVA but struggle with debts, this type of basic bank account could be right for you. As these bank accounts have no overdraft facility you cannot go overdrawn, therefore you can only spend what is available.
IVA Bank Accounts
If you have an IVA, or are looking to get a new bank account, One Advice can help you.
We can guarantee your acceptance for a bank account as long as you can offer us proof of identity and address. There will be no credit checks and you have access to your account 24/7 via an online account.
With your new IVA bank account, online you will be able to:
- Make payments to bills, transfer money and set up standing orders.
- Check your balance.
- Put rules in place on your card and account.
- Request a new PIN number or second card.