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Opening a Bank Account with Bad Credit ??
Watchet
Posts: 16 Forumite
I recently had to close my bank account because I had serious money problems - direct debits bouncing etc. I'm in the process of making offers to my creditors etc so I'm trying to sort stuff out. However now I can't get anyone to accept me as a customer, because of my awful credit history and scary bank statements. I need to make payments to the I.R.,hopefully creditors and keep some direct debits active, but I can't get a bank account now. I tried NatWest and RBoS who both do these new 'basic' bank accounts but was rejected both times. I know all of this is my fault - I'm a lousy prospective customer, but now I've actually pulled my head out of my whatsit and am trying to properly address my finances - I have this problem. The Post Office ( which seems the only option ) doesn't do d/d's or provide cheque books etc - but I will need to write cheques. I just need a normal basic bank account with no overdraft facility. Has anyone out there any idea's ?????
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I have read on earlier threads that others in your situation have been treated well by the Co-Operative Bank who offer a basic account. Have you tried browsing the Budgeting and Current Accounts board?
Operation Get in Shape
MURPHY'S NO MORE PIES CLUB MEMBER #1240 -
'Curent Bank Account With Bad Credit' recent thread on the other board...0
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Further to the above, I found this thread for you:
http://forums.moneysavingexpert.com/showthread.html?t=50414
The thread also contains the following link to a Financial Services Authority website you will certainly find useful (all about basic bank accounts and which ones will accept which categories of people who've had financial problems:
http://www.fsa.gov.uk/consumer/pdfs/bank_account.pdfOperation Get in Shape
MURPHY'S NO MORE PIES CLUB MEMBER #1240 -
Hi i have a !!!!e credit history as well but after some bantering with "abbey" staff was allpwed to have a basic bank account with them alas no cheque book which does not bother me in the slightest but at least i have an atm card,natwest and the rbos are joined as the rbos owns natwest bets to leave these two well alone anyway as they have high levels of interest once you hit a sticky patch ..ukboy0
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Thanks everyone. No CCJ's but bounced direct debits on the old bank account - it's why I had to close it, I couldn't stop the credit card companies taking payment and the 'bounced' charges added up to hundreds. Even after I wrote to one credit card company telling them I couldn't pay and telling them the bank account was closed, 30 days after they charged me for trying again. Anyway no CCJ's but missed payments on credit cards and loans. I ordered an Equifax report on me - as well as the current stuff, it lists previous debts I settled as settled/defaulted ie we agreed a settlement. I didn't realise that this would happen. So my credit history is poor to say the least. Sad thing is, after 3 years of desperately trying to juggle balls, I've written to everyone, made an offer and am trying to get straight.
I don't want to borrow from a bank or have an overdraft - just have a basic account, but I can understand why bank's don't want to know me. Chickens coming home to roost !!
Anyway will try the Co-Op tomorrow ( or today, it's 2.17am ) and hope !!!0 -
Just a note on making payments to Credit Card Companies....pay them by Standing Order....when I hit a rough spot after losing my job, and then being treated for depression...I had to make things a simple as possible...and paying them by Standing Order really helped...they didnt like it...but they were getting paid something....I also sent them a copy of my budget as I noticed that some of these Companies claim ignorance of peoples financial situation, so I sent them a letter with a copy of my spread sheet and stating my intention to pay the debt off....at £50.00 per month on a £3000 debt....BOI Credit Card = Was £3500.00 Now £0.00
GE Capital Store Card= Was £1800.00 Now £0.00
GE Capital Store Card = Was 1300.00 Now £0.00
Credit Union Savings Now £200.00 :T0 -
Ijkl;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;0
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Definetly agree with grace regarding paying by S/O, you are 100% in control then. I have just applied to Barclays for a cash card account, no cheque book which im not bothered by, but it will allow DD's and I have ATM card, I'll let you know if I get it as Im bankrupt!In this trusted place U can erase
Every tear that ever rolled down your weary face
All the time U waste in that paper chase
Is time better spent in these arms of mine0 -
Sorted !!!! The Royal Bank of Scotland who turned me down yesterday called me back for a 'more senior review'. Upshot is they've accepted me - they'll do d/d's and a cashcard - I can hopefully authorise payments to the I.R. etc.
It's a basic account but that's fine - it's up to me now to behave responsibly.
Thank you everyone. :j :j :j0
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