Whats the Solo Card about? Do all banks offer it?

redrez

I am currently seeking advice from Citizens Advice with view to probably setting up Debt Management Plan due to huge debts.

They advise me to open new Bank Account from which I can make my direct debit payment (currently have no arrears with utilities only credit cards, etc), but I would also still like to have a debit card. I've heard of a Solo card apparently this has Switch/Maestro type facility but will not let you go overdrawn.

Do all banks offer this, is my information correct. Can anyone help???

frepol

I think that only Natwest and HSBC offer this card now.

Another alternative is the Co - Op who offer a Visa Electron card.

Do you owe your current bank money? If this is the case, then CAB's advice is spot on and a debit card needs to come number 2.

A bit of advice would be to list here all your liabilities to ensure that your debts are not part of a bank's subsidiary companies - which means that if you owe one bank money they could still raid your bank account (eg if you owe Natwest money, then your Royal Bank of Scotland account could be used to pay off your liabilities).

Hope this is helpful.

redrez

Thank's very helpful, yes I do owe my bank money, hence their advice, but as i pay bills etc by direct debit, I want to continue to do so.

Liabilities are:

Aqua Credit Card
Barclaycard
Capital One
Natwest Credit Card
Monument Credit Card
HSBC Credit Card & bank account
First Direct bank account

Im a failed card tart Im afraid. I take it opening a Natwest a/c's not a good idea then? What about Coop, is the Electron card the same as Solo? Never heard of it.

I have an appointment with CAB on Thursday, first one with financial adviser, not sure what the advice will be on an honest budget have less than £5 per month for next 6 months then will only have £15. (set up TV licence monthly).

frepol

Aqua Credit Card = Halifax
Barclaycard = Barclay's
Capital One = safe
Natwest Credit Card
Monument Credit Card = Barclay's
HSBC Credit Card & bank account
First Direct bank account = HSBC

Electron is the Visa version of SOLO where every transaction is checked for available funds and no cheque guarantee attached.

If you genuinely, as shown on a statement of affairs have only £5 and you have 7 creditors then you offer each 71p each.

redrez

I genuinely only have £4.61. I have reduced costs where possible but think it unadvisable to to tighted budget too much as I will only end up in deeper trouble later.

Thanks for advice, will creditors really accept 71p! Does this mean I have to pay for the rest of my life (though I do intend to start teacher training when daughter starts full time education).

Am I correct in thinking that Coop Bank is independent of all others, including my creditors?

Thanks again.

sutty30

I Had Similar Problem A Short While Ago , Co-op Do An Account Called Cashminder Its Very Basic Ie No Overdraft , But You Can Still Have Dd Facility And A Debit Card And Internet Banking Hope This Helps

redrez

Thanks, have today successfully applied for the Coop Cashminder a/c, forms through in a couple of days, so hopefully will be up and running by 1st CAB appntmnt.