DMP & Mutual Support Thread - Part 11

Thank you so much Sazzie, you and the others have helped me so much today. It is very much appreciated and I will sleep a lot better tonight thanks to you.

Kind regards

sourcrates wrote: »

If you have defaults on your credit file, its likely you may be rejected for a current account, only way to know is to apply.

A basic account is no different to a normal current account in many ways, obviously there is no borrowing facility, but most come with a chip an pin debt card, all do DD, SO, etc, and they are open to anyone, as long as your identity can be established, and you have no history of fraud, and no credit check is required.

Thanks Sourcrates - as you say I think I'll just do a bit of research on which account might be best and have a go online. In truth all I need is a pin card and DD/SO functionality - so if I can't get a normal, a basic will do. I was just concerned that I might get rejected for a basic too -but from other replies that sounds unlikely.

carbootcrazy wrote: »

Firstly, Suseka, massive congratulations on how successful you've been in paying off your debt so far. That's a lot to have paid back in a relatively short time and it must be wonderful to now be counting down to the end in months rather than years. Don't forget to come back when you are finally debt-free so we can celebrate with you.
As for bank accounts I'm surprised anyone's said that people on DMPs can get turned down for a basic account. That's definitely news to me as I was under the impression that everyone was allowed a basic account. I'm sure there was some sort of Government intervention in the banking sector to ensure that no one should be excluded from basic banking facilities.
The FlexBasic I have (and others on here do too) is excellent for a basic account and can be fixed up completely online very quickly. Lots of other banks available, just make sure it isn't a bank you have any debt with (or one of the other financial institutions under it's 'umbrella').
Good Luck:beer:

Thanks Carbootcrazy: It's been tough and my monthly repayment is probably too high - but at the outset with SC they were quite tough in terms of what outgoings they allowed and because I was so new to it, I just went along. As I got into the stride of the DMP I just got used to it I guess and then just fixed my mind on the DFD. If I had my time again, and my advice to others would be, is not to get pushed into paying too high a repayment amount and allow yourself to live a little -even if the DFD is longer.

Looking back at the main forum the threads where folks were saying that they were refused a basic account were quite dated (didn't spot that at first) so I imagine the legislation you mention has remedied that issue. I'll look at the Flexbasic and I might approach Nationwide where my mortgage is held and see where that takes me. I guess I was worried that at the outset of a DMP, when most folks change their account - they won't have the defaults etc that would show up on a credit search. Anyways, I've got to change so I might as well just apply and see what happens.

I do pop on the forum from time to time -just to keep an eye on everyone and post if I think I can help -so I will definitely be back to celebrate with y'all when I reach my DFD