Your views and questions.

Moderators: TalbotWoods, JaneClack

By mdonna24
#256303 Hi, well here I am wanting advice again, I have debts with the littlewoods group for about £4000, I haven't been able to pay the full amount for quite a while but have been paying reduced payments and have never missed a payment, I admit that i buried my head in the sand and was scared to answer the phone but I posted on this forum, got some good advice and contacted cccs, to try to sort this nightmare out. The cccs sent me a plan for a dmp and i thought the nightmare was coming to an end, but it carries on. I have an arranged overdraught with my bank which i rarely use but need it as sometimes i can't get my money in on time to cover my bills its a safety net against bank charges and I need it, the cccs told me that i must include any over draught in the dmp as they will not accept the plan if any debts are not included. well i am back to square one with the worry, sleepless nights and health getting drastically worse, i really don't know what to do now, how do i get out of this nightmare as I have now received a default notice demanding a stupid amount of money to bring the account up to date. I just can't see a way out of this please any help would ease my mind just a little, Thankyou.
By bluedog
#256313 The problem is that you should never pay back debt when you still use credit. And that is what an overdraft is.

You need to have a basic account with no overdraft and your dmp will be fine.

B
By mdonna24
#256323
bluedog wrote:The problem is that you should never pay back debt when you still use credit. And that is what an overdraft is.

You need to have a basic account with no overdraft and your dmp will be fine.

B

Thankyou "bluedog", have you any Idea where i would be able to open a Basic account with a bad credit reference!!!, thanks.
By wazzza
#256333 hi
i opened an account with the coop, i told them i was having money probs and starting a dmp, they were great. alot of people use the coop , its called coop cashminder account, find their number online and ring them up :D
By bluedog
#256343 Banks have an agreement with the FSA to open basic accounts. Some have stipulations attached re undischarged bankrupts or fraud convictions.


Pick one you don't owe money to, take some id and you'll be fine

B
By nomlas
#256353 I personally find the Co-Op excellent. As wazza says you can apply on the phone, it is a lot less embarrasing that way. As long as you are on the electoral role and you don`t owe themselves it does not matter if you have a poor credit rating (I told them I was on a DMP and they were fine about it). If you do decide to go for it make sure to ask for the CASHMINDER account. Don`t worry if there is no branch near you they provide a debit card and you can pay any monies in at any Post Office, cash goes in the account instantly (Monday-Friday). Wages etc can be paid in and they set up DDs and SO. It can all be done in a few minutes and you will receive your details, card, PIN etc in about a week. I can not praise them enough. Regards. -- nomlas
User avatar
By TalbotWoods
#256363
bluedog wrote:Banks have an agreement with the FSA to open basic accounts. Some have stipulations attached re undischarged bankrupts or fraud convictions.


Pick one you don't owe money to, take some id and you'll be fine

B


Bluedog

This may be the case in Scotland, but in England and Wales the banks do not seem to follow the FSA agreements.

There are many people who have tried to open a basic bank when is serious debt (or even middling debts) and have been politely but firmly shown the door.

Yes banks such as Coop and Barclays, (and even the Nationwide) appear to be completely open to people with bad debts and will normally open a basic account, but you try that with some of the others!

This has been the topic of complaints to the FSA and FSO, but the banks have won each and every time as they have pointed out that ultimately it is they who choose who they want as customers, and that sufficient other banks offer debtors accounts, and they win every time!

I am not saying that they don't open accounts, but there is defiantly a league, so as far as the Banks in England and Wales are concerned, "All People are Equal, but Some are More Equal than Others!", and I also understand it is far far worse in Northern Ireland

Tim
By bluedog
#256433 Tim

I thought the FSA agreement covered the whole of the UK. I have a FSA list on my wall at work including banks that don't have much of a presence in Scotland stating their requirements for basic accounts.
Of course, some people still get turned away but that's usually due to tellers not knowing differently, and when I contact the banks money advise liason people they sort it out - and they are usually based in England.

B
User avatar
By TalbotWoods
#256443 It something we see very regularly in England and Wales, as I said there is a virtual league table, which I am not going to post up as it would cause the forum problems, but the banks down sarf think they are above the law!

I agree the FSA guidelines should be followed, the same as the Banking Code should be followed, but will some ome please tell that to the E&W banks!

Tim
By bluedog
#256453 Just a thought-

Citizens advice Scotland do big campaigns every so often and have done a lot of work re basic accounts over the years. They're collecting info on it now in fact. Advisers are urged to put forward case studies and social policy issues.

Doesn't CAB England do this too?

B
User avatar
By TalbotWoods
#256463
bluedog wrote:Doesn't CAB England do this too?B


Yep, and I partake in the CABs Social and Financial Inclusion Policy Group in the county I live in
User avatar
By DuffNCustard
#256483 Yep - which is why its worth checking out Credit Unions - some of them offer services very similar to banks - you can have your wages/salary paid into them, they offer DD and SO facilities - banks schmanks - I'm nearly finished o=with my DMP now (only 1 more payment to go) and I'm busily dis-entangling myself from banks - hell they'll not get a brass razoo out of me if I can help it!