Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

By Faith
#6802 :?: Hi everyone, just stumbled on this site as I was trying to find info about Defaults, I am wondering if anyone here could help......back in 1999, my husband and I found we were so in debt that we put our debts in the hands of Gregory Pennington (debt management company), this gave us about 7 defaults between us!, at the time we had no idea what a defaut even was!. Anyway last year we finally finished paying off all our debs, after a nightmare 5 years...but we still have the defaults on our credit file, someone told me they come off in about 6 years, which would be spring next year...but as we only have a cash card bank account which is visa electron, via the Halifax, and we have been told that as of August this will be finishing and we will only have a plain cash card that we can't use in shops or use over the phone. So we need to get an ordinary bank account, but can't because of the defaults...

?1, Does anyone know when the defaults will come off?
?2, When they do, can we get a "proper" bank account?
?3, Does anyone know of a bank we can get a Solo or an Electron card from now?
?4, When the defaults come off will we return to normal status again?

I know from reading this site that many people have more serious problems, but it is so demoralising to have finally paid everything off to find that we are still blacklisted, even though we are so much more careful now!


Thanks, Faith xx
ByDavidc
#6803
Faith wrote::?:
?1, Does anyone know when the defaults will come off?
?2, When they do, can we get a "proper" bank account?
?3, Does anyone know of a bank we can get a Solo or an Electron card from now?
?4, When the defaults come off will we return to normal status again?

but it is so demoralising to have finally paid everything off to find that we are still blacklisted, even though we are so much more careful now!


Thanks, Faith xx


Hi faith,
I don't usually read the introductions section, perhaps Nicki or Sara can move your post to the debt questions section when they log in.
I will try to answer your questions.

1.
your credit files run on a 6 year revolving basis so in theory your defaults will drop of the month after the 6 years aniversary of them being registered.
2. Remember when this happens you will appear to have no credit history so it will be difficult even virtually impossible to obtain an all singing/dancing current account. More likely you will be able to open a basic account and then after a period apply to upgrade it to a full account.
3. The Co-op cashminder account is a basic account with internet banking AND a visa electron card.
4. I have answered this in answer 2. you will be starting again from scratch.
A comment on your feeling of being blacklisted. You are not. The CRA's are simply recording factual information regarding your past financial affairs. All lenders make their own decisions , to their own criteria based on this information and any other that may be provided to them.
David
By Faith
#6831 :D Thanks David,
We will just have to wait until next year and see what happens, I thought we would be able to get a current account as when I first got one I was young and must have had no credit history, if not we will have to wait....Is there a way to build up credit history without getting into debt?, anyway thanks for your reply, Faith.
ByDavidc
#6832
Faith wrote::D Thanks David,
We will just have to wait until next year and see what happens, I thought we would be able to get a current account as when I first got one I was young and must have had no credit history, if not we will have to wait....Is there a way to build up credit history without getting into debt?, anyway thanks for your reply, Faith.


Errrm ..In short No....
no credit, no credit history, no credit score.
In the good old days there were no debit cards, no credit cards and cheque guarantee cards were only valid for amounts of up to £30. When credit cards came in they were not valid for food items or any consumables. Anyone could walk into any bank with a cheque and open an account on the spot.you could also sign cheques made payable to yourself on the back and anyone could cash them. however if you wanted to borrow money you would have to make an appointment to see at least an assistant manager and have full details of your income , expenditure and be pretty dam sure you could show you could afford to repay it.
And a bottle of R Whites lemonade was 1/3d a bottle with 3d deposit back when you returned the bottle.
Ahhh... The good old days
As I believe I posted previously the only way to regain full banking facilities will be to start with a basic account and ask to upgrade it after a period of good behaviour.
David
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By JaneClack
#6833 and you used to get money back if you returned the bottles! Recycling was well and truly around then .....
ByDavidc
#6835
Sarah wrote:and you used to get money back if you returned the bottles! Recycling was well and truly around then .....


Yep cost 1/3d with 3d returned on the bottle.
David
Last edited by Davidc on Sun May 22, 2005 7:51 pm, edited 1 time in total.
ByDavidc
#6839
Davidc wrote:
Sarah wrote:and you used to get money back if you returned the bottles! Recycling was well and truly around then .....


Yep cost 1/3d 3d returned on the bottle.
David

But do you remember the very first cash machines?
Only one in Coventry. At Midland Bank by the station. You had a plastic card which you inserted into the machine. No pin number, the card was indented with a dot at every use and you recieved 10 one pound notes folded in half in a plastic clip which you kept. After 20 indentations the card was retained and you were sent out a new one..
Guess the year........
David
User avatar
By JaneClack
#6840 No that beats me - anyway I used to find it easier to go to Leamington station and get picked up. No cash machines there!

I remember the weight of £1 in 240d though!!! Used to come back from the continent once a year to visit grandparent and the weight of those coins after pfennigs and francs

Do you remember Wilson telling us the £1 in our pocket would buy the same stuff when we devalued the £.

Thats where the rot started - Noddy money and inflation leads to credit ....
ByDavidc
#6842
Sarah wrote:No that beats me - anyway I used to find it easier to go to Leamington station and get picked up. No cash machines there!

I remember the weight of £1 in 240d though!!! Used to come back from the continent once a year to visit grandparent and the weight of those coins after pfennigs and francs

Do you remember Wilson telling us the £1 in our pocket would buy the same stuff when we devalued the £.

Thats where the rot started - Noddy money and inflation leads to credit ....


I guessed 1966, checked it was November 1967. Not as bad though as what happened to my wife in Russia when over night the rouble which was set by the Government at 8 rubles to the dollar overnight was revalued to 32 rubles to the dollar. Everyones saving were quartered. And the Russians at that time had lots of savings as there was not a lot to buy in the shops, so you had lots of time to save up for things.....
Hence their mistrust of Banks and the carrier bag full of cash society and the reluctance now to put any money in banks.
Back to the cash machine. I remember it being fitted in 1972 when I first started work.
David
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By JaneClack
#6845 ... and when I went to university for what my father called a three year state paid holiday. How things have changed!
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By bas
#7166 [quote="Davidc"][quote="Davidc"][quote="Sarah"]and you used to get money back if you returned the bottles! Recycling was well and truly around then .....[/quote]

Yep cost 1/3d 3d returned on the bottle.
David[/quote]
But do you remember the very first cash machines?
Only one in Coventry. At Midland Bank by the station. You had a plastic card which you inserted into the machine. No pin number, the card was indented with a dot at every use and you recieved 10 one pound notes folded in half in a plastic clip which you kept. After 20 indentations the card was retained and you were sent out a new one..
Guess the year........
David[/quote]


my first credit cards were Access, Barclaycard, American Express (green) and Diners Club.
I could go anywhere in the world with them.
Bas
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By JaneClack
#7172 Yes, they did do nicely, didn't they?