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Opening a new bank account after an IVA

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10 posts • Page 1 of 1

Opening a new bank account after an IVA

Postby Gallifrey » November 27th, 2016, 4:56 pm

Hi everyone, been a while since I've been on here. Completed my IVA early with the help of Mike in June 2013 and it should drop off my credit file in February.

Just wondered if anyone had any experience of opening a new current account after an IVA, my current bank COOP, have refused to upgrade me to a standard bank account despite having a new history of paying off credit on time, they said it was the IVA, but couldn't discuss it further. They have even refused to open a savings account again because of the IVA marker.


Dave
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Re: Opening a new bank account after an IVA

Postby Debtwizard » November 28th, 2016, 1:10 pm

Hi Dave

It looks like you may well have to wait until February for the IVA to drop off your credit file.

Have you actually checked your credit file to see what else is on there? I'm thinking about default notices, they have to be dated before the IVA date or any other incorrect information.

If you have not seen your credit file and interested to see what is on there you could try Noddle or Clear Score from Experian, both are free!

Best wishes, and good luck,

Mike
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Re: Opening a new bank account after an IVA

Postby Gallifrey » December 23rd, 2016, 5:16 pm

Hi Mike

Yes all checked, all defaults seem to have been correctly registered and should drop off in February, have had small amounts of credit since finishing my IVA, all paid off on time and no payments missed. I think you're right may just have to wait. Hope all good with you and merry Christmas

Dave
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Re: Opening a new bank account after an IVA

Postby Debtwizard » December 28th, 2016, 6:11 pm

Thanks for the update Dave, always good to hear from you, your IVA will soon be a very distant memory. ;)

Trust you are having a good break and not working too hard?

May I take this opportunity to wish you a happy, healthy and prosperous New Year.

Mike
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Re: Opening a new bank account after an IVA

Postby Gallifrey » January 15th, 2017, 10:07 pm

Thanks mate much appreciated, one month's time or actually 29 days is the six year anniversary of taking my IVA out hopefully in a month or two will all be gone from my credit file and a distant memory. Belated happy new year to you and thanks for your help

Dave
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Re: Opening a new bank account after an IVA

Postby Debtwizard » January 17th, 2017, 5:37 pm

Hello Dave

I look forward to reading your post to say the IVA has dropped off your credit file ;)

Keep well.

Best wishes,

Mike
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Re: Opening a new bank account after an IVA

Postby Gallifrey » January 17th, 2017, 6:57 pm

I'm counting down the days it's six years on 14th February that My IVA was approved.

I just can't wait for it to go as it does still really affect my scores on the file, thank you for all your help in sorting out the early IVA settlement.

Dave
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Re: Opening a new bank account after an IVA

Postby Debtwizard » February 12th, 2017, 4:40 pm

No worries this end Dave, only a couple of days to go then the big celebration!

Have you seen this post on the forum? IVA completed - Thanks - How do I improve my credit file? as I feel this may help with your situation.

Best wishes,

Mike
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Re: Opening a new bank account after an IVA

Postby Gallifrey » February 14th, 2017, 7:58 pm

Hi Mike

Today is the day credit rating is supposed to be back to normal. Ironically as I have just changed my second mortgage for a lease extension on my flat, where they Credit checked me it's pushed my score back down to poor hopefully will get better over the next couple of months. I notified all the credit reference agencies when I completed my IVA so luckily they all updated then.

Hope all is good with you

Dave
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Re: Opening a new bank account after an IVA

Postby Debtwizard » February 15th, 2017, 1:16 pm

Hello Dave

Doing well thanks.

I picked this up from another thread in which one of our panel members posted, James Jones from Experian. You may have already done this but it does no harm to put the link up again.

When updating your credit file -

You will actually need to contact each of the three credit reference agencies (Experian, Equifax & Callcredit) separately. You do not need to take our subscriptions with any of them to see and, if necessary, update your credit report. Each agency will probably guide you to obtain your credit report from them before asking for any changes and you can get a basic copy of your 'statutory report' for just £2 from each agency.

There's a link to order a £2 report from each agency on the Money Advice Service website How to check your credit report

I am also aware that your IVA provider should notify The Insolvency Service that your IVA has completed, they will then notify the credit reference agencies. So in theory your file should have been updated but I agree with you in doing your own would do my own homework just to make sure. It is vital to have a good credit rating when trying to obtain more favorable interest rates with any future potential creditors, and in your case with your new mortgage.

My very best wishes Dave, ;)

Mike
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