Our alternative to an IVA bank account - FAQs
Our team of advisers are just a phone call away if you have any questions about our alternative to an IVA account. In the meantime, we hope you find the following questions and answers helpful.
How do I switch to the thinkmoney Personal Account?
You switch to the thinkmoney Personal Account - our alternative to an IVA bank account - online or by calling us. As long as you pass our identity check, we can set up your account.
For us to do that, you'll need to tell us about any Direct Debits or standing orders you need to pay, so we can set them up and make sure your switch goes smoothly.
Should I keep the account when my IVA ends?
The thinkmoney Personal Account can be the ideal partner to an IVA. However, it can appeal to anyone who would like help with budgeting - including people who have completed their Individual Voluntary Arrangements (IVAs). If you've just finished a five-year IVA, you might decide you've come to depend on the service our Money Managers provide, and that it's well worth the monthly fee.
If you're worried about incurring default charges, you may find the account works out cheaper than some 'free' current accounts that have unauthorised overdraft fees or rejected payment charges - because we only charge one transparent monthly fee.
You don't have to be on an IVA to open this account, so when your IVA ends, you'll still enjoy all the same benefits that helped you cope with the financial restrictions an IVA involves.
How much does the account cost?
There's a monthly fee of just £17.50 (or £24.50 for joint accounts). This covers the budgeting help from our Money Managers, the online and SMS account management services and all the other useful features.
There is no overdraft with the thinkmoney Personal Account, so you will not incur charges that way. Also, we will not charge if there is not enough money in your account to pay a Direct Debit and that payment is 'rejected' (whoever the payment is going to may still charge you but we won't). Of course, with the help our Money Managers provide, you should be able to avoid that happening anyway.