If you’re on an IVA, you might find it difficult to open a bank account. That’s because a lot of high street banks will turn you down if you have bad credit.
You might think you need a special account for an IVA, but there are accounts like a thinkmoney Current Account that can solve your problems. You can open an account before, during or after an IVA, and get all this good stuff:
£10 monthly fee
IVA = YES
Worried that having an IVA will stop you from getting a current account? That’s not the case here. We look to accept anyone, even if your credit history isn’t squeaky clean.
If you’ve entered into an Individual Voluntary Arrangement, you might need to open a new bank account. So open one with us!
The account covers the basics like getting a debit card, but the account itself is far from basic. You can use it to make sure your bills and payments toward your debts are made on time, every month.
We can also give you a hand with your budgeting, so you know exactly what you’ve got to spend and what’s for bills.
How can the account help me with my IVA?
It takes strict budgeting to make an IVA succeed, but a thinkmoney Current Account takes away the stress of using a spreadsheet.
This is how it works:
Pay income into your account
Money is set aside for your bills
The rest goes on your card
By managing your bills and other essentials every month, we can make sure you stick to the terms of your Individual Voluntary Arrangement.
You'll know exactly how much money you have to spare, and won’t be able to accidentally spend what you need for your IVA repayments.
£10 monthly fee
What is an IVA?
An Individual Voluntary Arrangement (IVA) is an agreement that you make with lenders to pay back whatever you can afford towards your debts. This will usually be for five years.
As it’s a legally binding arrangement, it’s important to manage your payments and stay on top of your finances. If you fall behind and find you can’t make payments, you could be made bankrupt.
How will an IVA affect my finances?
An IVA will affect your credit rating for six years from the day it begins. This can make it hard to get a bank account, and you could be turned down by high street banks.
You could also find that you have difficulty applying for any further credit during this time. You'll also probably be charged more for any credit you do get.
Having an Individual Voluntary Arrangement could mean that you need to open a new account, because your bank may have the ‘right to offset’. This means that if the debts you owe are to them, they have the right to take money out of your bank account.
Opening a brand new account with thinkmoney not only means that your money’s kept safe, but there’s no credit check and you can bank in a way that suits you.
How do I manage my IVA payments?
We know people lead busy lives, and don’t always have the time to sit down and sort out their finances. That’s why we made an account that can do it for you.
Set up payments via Direct Debit or standing order, and we’ll make sure that the money you’ll need is put aside.
It works the same way for your IVA payments. Once you’ve set up your first payment, we’ll make sure it’s accounted for in your budget. The money you need is put away safely, so you can’t spend it.
The account helps you to keep up with your payments and stay stress-free. That way, you can complete your Individual Voluntary Arrangement successfully.
The account that’s open to everyone
And it doesn’t take long to apply, promise! As long as you tick these boxes, go ahead and fill in the form:
- You're 18 or over
- You live in the UK for at least six months of the year
£10 monthly fee