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    • shofor
    • By shofor 10th Oct 16, 4:35 PM
    • 4Posts
    • 0Thanks
    Bank Account on DMP
    • #1
    • 10th Oct 16, 4:35 PM
    Bank Account on DMP 10th Oct 16 at 4:35 PM

    So I am currently on a Debt Management Plan which meant that I had to open a basic bank account (so no overdraft contactless payment etc) and close my other account, I am with Bank of Scotland.

    I will have finished paying off my debt early next year. When will I be able to get a normal bank account instead of this basic account/cash card?

    I know they wont want to accept me as a normal account would have an overdraft and they wouldn't want to take this risk but when I have finished paying my Debt Management Plan I would like some sort of emergency cash fund (like an overdraft) until i manage to build up some savings again. I would also like the contactless payment option!

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    • 20aday
    • By 20aday 10th Oct 16, 6:02 PM
    • 2,156 Posts
    • 891 Thanks
    • #2
    • 10th Oct 16, 6:02 PM
    • #2
    • 10th Oct 16, 6:02 PM

    Once you've closed your account(s) they'll show as 'Settled' on your credit reports and remain there for a further six years.

    As time passes the effects of your DMP will lessen but you'll find (for a time) it harder to obtain new lines of credit.

    Personally I wouldn't go for an Overdraft as you may well find yourself in the same situation again as above?

    However if you'd like a debit card with contactless facility check out Nationwide's FlexBasic account here:

    From what I remember if you run your account well they may upgrade you to one of their FlexAccounts in the future.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
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