How can I open a current account with bad credit?

[chrisandrew]

I have a bank account which has an overdraft and I am about to enrole in an IVA trust programme to eradicate this overdraft and all my other creditcards and loans. I require to open a new bank account to pay my wages in to and to withdraw funds etc but have been refused twice by high street banks because I have bad credit. I cant start my IVA trust until I have a new bank account operational. What do I do?

[halfadaily]

You can open a basic bank account with most of the major banks. You won't have a cheque book, or any overdraft facilities, but you will be able to pay money in and withdraw money as long as you are in credit. You'll also be able to set up standing order payments as well.

[noxlumos]

If you do an internet search for "guaranteed bank accounts" you will find companies that can place you for a current account with High St baks irrelevant of your credit rating.They do charge for this but the introduction fee is fairly minimal (Less than �100 or so) and it will ensure you get a cheque book if that very important to you :)

[veritymoon]

go into nationwide and ask for a flex account which is a basic bank account they will open accounts for people with iva.

good luck

[Kathyan]

We entered an IVA just over a year age. We opened an account with Halifax and used them for about 6 months. We weren't happy with them because even though we had �2000 going into the account every month, they wouldn't give us a debit card. We changed to Natwest and they gave us a debit card (Solo) which meets our needs. Hope this helps.

[myvesta-sean]

Hi Chriandrew,

A list of all the basic bank accounts can be found on the link below:

http://bankruptcy.org.uk/bkdocs/bank_account.pdf

Regards

Sean