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Looking for an IVA bank account? Our alternative could help

If you are entering an Individual Voluntary Arrangement (IVA) or are on one at the moment, you might benefit from a thinkmoney Personal Account. It's a realistic option for people with bad credit, as we don't run a credit check when you apply - because it's not a bank account so there is no credit facility (overdraft or credit card) with this account.

We help our customers to set aside money for their most important bills every month - including their IVA payments. That's something that might really appeal if you're on an IVA, since failing to make your payments could lead to the IVA failing.

How we can help you manage Individual Voluntary Arrangement payments

We want to make budgeting really simple for our customers, so we have developed a practical way of doing that. Your account is split in two - one account for your income and bills, and one account for the money you can spend on whatever you want, without worrying that you're spending money you need for life's essentials, since our Money Managers are there to make sure all those bills get paid.

This two-account set-up is a great way to avoid spending the money you need for the bills and IVA payments you have told us about.

Our Money Managers are a key part of this set-up, but that's not all they do. As our dedicated budgeting experts, they're trained to spot potential issues before any real problems can occur - and they can forecast a shortfall in your account up to three months in advance!

That sort of notice could be critical if you need to make regular IVA payments, which is why our Money Managers are there for you on Saturdays as well as all the way through the working week.

Peering into the future...

Unfortunately, no one can see into the future! Unexpected costs can crop up when you least expect them - a higher-than-average gas bill, for example.

Although we can't predict the future, as long as we know what bills you have to pay in the future and the income you expect over the coming weeks and months, we can calculate how much money you should have available to spend on other things. This should help you plan for 'extra' costs associated with events like birthdays, summer holidays and celebrations, to name just a few.

An IVA account to help you become debt free

Reaching the goal of being debt free will take some real commitment and careful spending on your part - but we think our IVA account could really take some of the pressure off.