Make a fresh start with a Starling bank account
- Change your account for FREE
- Avoid carrying over existing debts
- No unexpected payments
Why do we ask you to change bank account?
If you’ve been asked to change your current account as part of your IVA setup, it’s because your old bank account is at a high risk of being frozen when you enter the arrangement. We want to help you protect your money, so we’ll always recommend to change to avoid your account being frozen during your application process.
Some customers say they’d prefer not to change their bank account because they want to remain loyal to the bank. Unfortunately, your bank may not return the loyalty – especially if you owe them money.
Changing your account before the IVA begins gives you a fresh start with none of the debts linked to the new account.
Why choose Starling Bank?
We’ve already helped more than 3,000 people switch accounts in the last 12 months and can help you too. We recommend our partner Starling to help make changing as simple as possible.
You can switch online, for free, in minutes.
There are zero monthly fees to pay, and, as well as getting a traditional bank card, you can manage your money online via their easy to use app. Starling Bank also offers a range of other benefits. You won’t pay a monthly fee for your account or for withdrawing cash or spending abroad.
Switching manually avoids debt being carried over
We recommend doing a manual switch. This avoids any existing debts and your overdraft from your previous being automatically transferred. What’s more, manually setting up any direct debits and standing orders for ongoing payments ensures no unexpected payments to the creditors included in your chosen solution.
They come highly recommended
Starling bank have been named Best British Bank and Best Current Account at the British Bank awards over the years. What’s more, almost 80% of customers would recommend opening a Starling Bank account to their friends and family.
You get real-time spending alerts
So whether it’s that piping hot latte you just bought on your local high street or your monthly mortgage payment pinging out, you know exactly where your money is going (and when) with nifty notifications.
Frequently Asked Questions
Need more info? Here are a few of our most frequently asked questions on this topic. If you don’t see the answer you’re looking for here, give us a ring – we’d love to help.
Our expert debt advice is tailored to provide personalised support to the people who need it. Anyone you recommend will receive a free initial consultation from a trained debt advisor, who will help them find the best outcome for their situation.
Absolutely. We prioritise your privacy. Your information is kept confidential, and we ensure a secure and discreet process throughout your debt advice journey.
We offer free debt advice tailored to your circumstances. We’ll find out more about your current financial situation and your lifestyle to advise on the best solution for you.
Although we offer advice on all debt help solutions available, we specialise in Individual Voluntary Arrangements (IVAs).
No, there is no cost to you for initial advice. Your consultation with one of our debt advisors will be entirely free. If you decide to move forward with a formal debt solution like an IVA, however, a fee will be taken each month from your regular payment to cover the cost of managing your arrangement.
We’ll ask you about your income and outgoings, and your creditors (the people and companies you owe money to) so we can put you on the right path to getting help. They will also do a soft credit search to understand the full picture – but this won’t have a negative impact on your credit file or be visible to other companies.
That’s okay – we understand that if you have a few creditors or you’ve been dealing with debt for a while, it can be hard to keep track. We can help by phoning your creditors or giving you guidance on how you can find out the information yourself.
Our debt advisors take the time to listen and understand your circumstances. There’s a wide range of debt solutions available, but our experienced advisors will only recommend a debt solution if it’s affordable and appropriate for your needs.
Yes, using a debt solution like an IVA will have an impact on your credit rating as it will show on your credit report for six years after it has been approved.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.