How our IVA bank accounts can help
If you are entering into an Individual Voluntary Arrangement (IVA) or are on one at the moment, you might be able to benefit from a thinkbanking account. The thinkbanking IVA bank account is a realistic option for people with bad credit, as we don't run a credit check when you apply - partly because 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 IVA payments. When you're on an IVA, it's really important to make all your monthly payments - including those required under your IVA - if you don't, that could lead to the IVA failing. If you find budgeting difficult, you might find this kind of bank account really beneficial.
If you're aged 18 or over and a UK resident then you can apply for a thinkbanking account today!
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 method to help us achieve this. Your account is split in two - one account for income and bills and one account for money to spend on whatever you want. Our Money Managers will help you make sure your bills are paid and your 'spending money' is available when you pay money into the account.
Keeping your money in two accounts helps prevent you spending the money you need for all the other bills and IVA payments you have told us about.
On top of that, our Money Managers are a dedicated team who receive specialist training to handle accounts and flag up any potential issues with you - hopefully before any real problems can occur.
Indeed, our team of budgeting experts 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, so that's why they're available to talk to on weekdays, weekday evenings and Saturdays.
Predicting the future and predictive banking
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 could help you plan for costs associated with birthdays, holidays and celebrations, to name just a few things.
IVA bank accounts to help you become debt free
Reaching the goal of being debt free will take some commitment and careful spending on your part - and we think we could help with IVA bank accounts that do the 'number crunching' and budgeting for you.