Our alternative to an IVA bank account - the benefits
Would you like an account that is suitable for someone on an IVA? If you're on an IVA, you could still apply for the thinkmoney Managed Current Account. It's a practical alternative to an IVA bank account that offers a range of benefits that basic bank accounts just don't tend to offer - and that could really help someone on an IVA.
The opening procedure isn't complicated - all we need is for you to pass an identity check to prove that you live in the UK and are 18 or over. This check can usually be done over the phone. After that we'll send out a pre-paid envelope so you can return your signed application form and then, as long as everything's in order, we can open the account! We don't run a credit check, which means you could get an account even if you have a bad credit history, including an IVA or bankruptcy.
If you're on an IVA, it is usually agreed that you won't apply for credit, but the lack of an overdraft facility isn't the only thing that makes our account suitable for someone on an IVA. The account's built-in budgeting service can be really helpful, helping you make your IVA payments - something that's vital if you're determined to bring your IVA to a successful conclusion and avoid potential bankruptcy.
Accounts for IVA customers - additional benefits
Everyone has essential bills to pay, but being on an IVA means you also need to make your IVA payments - so an account that helps you manage your monthly income and expenditure could make a big difference. We help you manage your money by running two accounts, so we can separate the money you need for your bills and the money that's there for other things.
This budgeting service is provided by a dedicated team of Money Managers, who can also answer any questions or queries you have to do with your account.
Keeping up to date with your account is simple: you can do that over the phone, or with our online and SMS account management services.
Help towards a debt-free future
Entering an IVA isn't a simple decision, and it can't even begin unless a certain portion of your creditors accept your proposed repayments. Once it's begun, making those payments isn't always simple - you will need to be strict with your spending to satisfy your creditors that you are making a real effort to repay what you can.
However, a thinkmoney Managed Current Account, which is an alternative to an IVA bank account, could bring you some real peace of mind, whether you're worried about making all your IVA payments, overspending during your IVA, incurring more debt from bank charges for rejected payments - or simply finding it difficult to stick to a budget.
Living within your means throughout your Individual Voluntary Arrangement may seem daunting, but with our help managing your money and keeping up with your payments, staying in control of your finances could be easier than you think.