Benefits of our IVA bank account
Would you like a bank account that is suitable for someone on an IVA? Not only is the thinkbanking account open to people on an IVA, it also offers a range of benefits that aren't available with most other basic bank accounts that could be helpful to 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 we can open the account! Remember - we don't run a credit check, meaning you could get an account even if you have a bad credit history, including IVA and bankruptcy.
If you're on an IVA, it is usually agreed that you won't apply for credit - and because there is no credit with this account, we think it is suitable for IVA customers. On top of that - you may find the budgeting service really helpful for managing payments.
If you're aged 18 or over and a UK resident then you can apply for a thinkbanking account today!
Bank accounts for IVA customers - additional benefits
It is really important to ensure that you make your agreed regular payments into your IVA, so a bank account that helps you manage your monthly income and expenditure could be really useful. We help you manage your money by running two accounts, so that we can separate your money needed for bills from that needed for other spending.
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.
If you want to keep up to date with your account, you can over the phone, on the internet or with SMS banking. You can check both accounts this way - the Salaries Account and Card Account.
Help towards a debt-free future
Starting an IVA is not a simple decision and it is not always a simple process to be accepted onto an IVA - a certain portion of your creditors will need to accept your proposed repayments. Also, meeting the repayments is not 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 thinkbanking IVA bank account could bring some peace of mind, whether you're worried about overspending during an IVA, incurring more debt from bank charges for bounced payments, or finding it difficult to stick to a budget.
Living within your means for the length of your Individual Voluntary Arrangement may seem daunting, but with our help to manage your money and keep up with payments, staying in control of your finances could be easier than you think.