Open Your Account Today
Going through an IVA or currently have an IVA? Open your Suits Me account in under 10 minutes and gain instant access to your account details, online banking and mobile banking app to start managing your money and finances.
Banking with an Individual Voluntary Agreement (IVA)
If you are worried that being in an Individual Voluntary Agreement (IVA) will limit your access to banking solutions, you can still open a Suits Me account.
When you open your Suits Me account, we will not ask for your financial history including your credit score, information about bankruptcy and whether you’re in an IVA. All we need from you is a photo ID and your contact details, then you can open your account in minutes.
Banking with an IVA
If you have an IVA or currently going through the IVA process, you may have had your personal bank account closed.
Traditional banks can be reluctant to offer people in IVAs, the same way they’re unlikely to offer services to people with particularly poor credit history and are bankrupt. This contributes to financial exclusion, where people cannot access even basic banking solutions.
Suits Me accounts are the perfect alternative to traditional banking for individuals with an IVA.
Suits Me IVA Suitable Accounts
We don’t offer credit, that means no credit cards, overdrafts or interest. With no credit at risk, we don’t need to check your financial history and/or confirm your address.
The only things we need to do to open your account is confirm your identity and take an address so we know where to send your debit card.
Is a Suits Me E-money Current Account Right for you?
A Suits Me account is ideal for you is;
What is an IVA?
An IVA is an agreement for you to pay your debts back to your creditors over a set length of time. It’s legally binding, so your court-orders you to stick to the payment schedule if you’re on one.
If you’ve accrued a lot of debt through catalogues, personal loans, overdrafts, tax or utility bill arrears and you’re struggling to pay it back, you can set up an IVA. They work best for larger debts (over £10,000).
IVAs are arranged by an insolvency practitioner (a lawyer or accountant) you write up a repayment plan individual to yourself. This means you pay within your means and based on your personal situation, you can pay by monthly payments or lump sums. Typical IVAs last 5-6 years.
There are certain debts you cannot get covered by an IVA, check with a practitioner to see if they’re right for you. They are an alternative to bankruptcy and if you have assets you don’t want to lose, for example, a house you can get this protected in the agreement.
Is There a Cost for an IVA?
To set up an IVA, you need to pay the insolvency practitioner’s fees which can be in the region of £5000 when completed. This varies between practitioners, and the payment isn’t static either. Some might take regular payments at the same time as your IVA payments; others might take payment upfront.
The high fees mean you shouldn’t usually consider an IVA if you only have moderate debt.
A lot of practitioners give free initial consultations so you do have the option to shop around for the best deal for you.