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  • FIRST POST
    • Cocohdu
    • By Cocohdu 17th May 17, 10:18 PM
    • 6Posts
    • 4Thanks
    Cocohdu
    Severe debt at 19. Help and advice needed.
    • #1
    • 17th May 17, 10:18 PM
    Severe debt at 19. Help and advice needed. 17th May 17 at 10:18 PM
    Hi guys.
    Ok to start off with.

    I am in quite a lot of debt and unemployed ATM due to an foot injury.

    So, I'm in a lot of debt. Probably £7-10k,

    Stupidly at 18, I took out a car in finance. Bmw. Cost £7k.

    A year later couldn't keep up with payments due to be reckless. That now is with debt collectors and they want £5k cars gone.

    Later on combining mobile phone contracts and payday loans I owe £3000 or so.

    Everything is defaulted. I don't have any credit in my name whatsoever. And I don't want to not be able to obtain credit again. I'm still young so Im sure this can be sorted

    I'm not sure where to go from now. ATM I can't open up a bank account all have been shut down for various reasons. There is no cifas warnings and my credit score sits at 430 on noddle.

    How do I move forward to resolve this ? Set up a debt management plan or just go bank rule. I have nothing to loose if I go bank rupt what should I do? Thanks.
Page 1
    • sourcrates
    • By sourcrates 17th May 17, 10:23 PM
    • 11,143 Posts
    • 10,818 Thanks
    sourcrates
    • #2
    • 17th May 17, 10:23 PM
    • #2
    • 17th May 17, 10:23 PM
    Prime candidate for a debt relief order.

    Info here :

    https://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspx?WT.srch=1&WT.mc_id=288026& WT.seg_1=dro&gclid=CKjisaDu99MCFaW17QodJOoDBg

    See if you qualify.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Cocohdu
    • By Cocohdu 17th May 17, 10:35 PM
    • 6 Posts
    • 4 Thanks
    Cocohdu
    • #3
    • 17th May 17, 10:35 PM
    • #3
    • 17th May 17, 10:35 PM
    Looks ok.so basically Debts frozen for 12 month then new credit file after 6 years ?

    Will this help me get a new bank account. All banks have told me I can't open a new bank account ever again.
    • glasgowm148
    • By glasgowm148 17th May 17, 10:47 PM
    • 144 Posts
    • 195 Thanks
    glasgowm148
    • #4
    • 17th May 17, 10:47 PM
    • #4
    • 17th May 17, 10:47 PM
    Looks ok.so basically Debts frozen for 12 month then new credit file after 6 years ?

    Will this help me get a new bank account. All banks have told me I can't open a new bank account ever again.
    Originally posted by Cocohdu
    What bank told you that? I don't know much about this subject but even with bankruptcy you can open a bank account again after 5-6yr (sco/eng)
    Capital One - 950/1400
    Barclay Card - 280/1250
    Overdraft - 1800/2100
    Personal Debt - 45/2000
    nPower - 960/1115
    Total - 4065/7900 -- 50% paid off!
    • sourcrates
    • By sourcrates 17th May 17, 11:00 PM
    • 11,143 Posts
    • 10,818 Thanks
    sourcrates
    • #5
    • 17th May 17, 11:00 PM
    • #5
    • 17th May 17, 11:00 PM
    Anyone can open a basic bank account no matter what there situation.

    Most banks offer them, but they are not advertised, so you need to search for them.

    There is no credit check, and no borrowing facility.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Cocohdu
    • By Cocohdu 17th May 17, 11:05 PM
    • 6 Posts
    • 4 Thanks
    Cocohdu
    • #6
    • 17th May 17, 11:05 PM
    • #6
    • 17th May 17, 11:05 PM
    Anyone can open a basic bank account no matter what there situation.

    Most banks offer them, but they are not advertised, so you need to search for them.

    There is no credit check, and no borrowing facility.
    Originally posted by sourcrates
    I have tried every bank in the UK I can't open a bank account at all it's a instant decline. This is basic bank accounts as well. I had accounts with tsb and Lloyds I didn't realise I never paid my overdraft and now they won't open me any more accounts.

    What bank told you that? I don't know much about this subject but even with bankruptcy you can open a bank account again after 5-6yr (sco/eng)
    Originally posted by glasgowm148

    I banked with Barclays and Halifax somehow my details were leaked and someone put stolen money into my accounts I didn't realise so I did tell them that I do not acknlowdhe this so please return money. However they closed my account down and said I can never open one again. I'm wanting to write to CIFAS and find out what's going on.

    Any advice anyone.
    • sourcrates
    • By sourcrates 17th May 17, 11:12 PM
    • 11,143 Posts
    • 10,818 Thanks
    sourcrates
    • #7
    • 17th May 17, 11:12 PM
    • #7
    • 17th May 17, 11:12 PM
    If you have fraud markers associated with your name, then you will struggle I'm afraid.

    Ultimately the banks decision is final.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Cocohdu
    • By Cocohdu 17th May 17, 11:20 PM
    • 6 Posts
    • 4 Thanks
    Cocohdu
    • #8
    • 17th May 17, 11:20 PM
    • #8
    • 17th May 17, 11:20 PM
    If you have fraud markers associated with your name, then you will struggle I'm afraid.

    Ultimately the banks decision is final.
    Originally posted by sourcrates
    Surely this can be appealed as this was something not done by me. I have no Cifas warnings or anything on my file from noddle I checked.
    • sourcrates
    • By sourcrates 17th May 17, 11:36 PM
    • 11,143 Posts
    • 10,818 Thanks
    sourcrates
    • #9
    • 17th May 17, 11:36 PM
    • #9
    • 17th May 17, 11:36 PM
    Surely this can be appealed as this was something not done by me. I have no Cifas warnings or anything on my file from noddle I checked.
    Originally posted by Cocohdu
    You can try appealing it with the bank, but according to reports I've read, they pretty much close ranks on issues like this and refuse to discuss the matter any further.

    If that's the case, you could escalate to the financial ombudsman service.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • GarthThomas
    • By GarthThomas 18th May 17, 7:13 AM
    • 147 Posts
    • 229 Thanks
    GarthThomas
    Anyone can open a basic bank account no matter what there situation.

    Most banks offer them, but they are not advertised, so you need to search for them.

    There is no credit check, and no borrowing facility.
    Originally posted by sourcrates
    I'm lobbying to get this changed. A company should not be forced to give services to someone who's been shown to act dishonestly towards them or others. I don't know how much traction it's getting, but my suggestion is to allow exclusion for I creasing periods as offences mount.
    • GarthThomas
    • By GarthThomas 18th May 17, 7:16 AM
    • 147 Posts
    • 229 Thanks
    GarthThomas
    Surely this can be appealed as this was something not done by me. I have no Cifas warnings or anything on my file from noddle I checked.
    Originally posted by Cocohdu
    On one of your other threads you are discussing committing fraud to hide your history.

    How about you try being honest, and see how you get on that way?

    Being a customer of a bank should not be a right. It's people like you who I'm citing when I ask that this right be removed. My local pub would never be forced to serve you if they wanted to bar you, and they'd tell every other pub in the town, via the police's scheme to do this. We need the same from banks, a proper blacklist to ensure that they are not had over by people who fail to honour their contracts.
    • fatbelly
    • By fatbelly 18th May 17, 7:29 AM
    • 10,925 Posts
    • 8,146 Thanks
    fatbelly
    I agree a DRO is the way forward, but you will need a bank account for your benefits to be paid into.

    I have had success with the Santander basic, but if you get declined for that, read this article

    http://www.moneysavingexpert.com/banking/basic-bank-accounts

    and go for one of the 2 options at the end.
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