Isa /Debts

darkelf

Hi all,

I have some debts i am paying off with a few banks via collections agencies and its all agreed and settled as to what i pay off etc (0 interest)), but i have a isa and want to move it .
If i apply to a new bank for a savings account, will they be able to know i owe money and alert my debtors that i am trying to open a savings account as they state that they do credit checks etc with others.??

I am moving my isa for a better AER rate.

thanks.

Oblivion

darkelf wrote: »

Hi all,

I have some debts i am paying off with a few banks via collections agencies and its all agreed and settled as to what i pay off etc (0 interest)), but i have a isa and want to move it .
If i apply to a new bank for a savings account, will they be able to know i owe money and alert my debtors that i am trying to open a savings account as they state that they do credit checks etc with others.??

I am moving my isa for a better AER rate.

thanks.

The new bank will quite possibly do a credit rating check on you via Experian or one of the other credit rating agencies, and if your past record of debts has given you a poor rating, they may decide not to allow you to open a savings account with them. There was a post in these forums just the other day from someone who had experienced just that. It seems odd that they should turn you down for a bad credit record when you are trying to deposit money with them, but it does happen.

I can't see that they would bother to share the information that you attempted to open an account with your creditors though. And even if they did, what harm would it do since you say you have already agreements in place for paying off your debts.

Dave.

darkelf

Hi dave,
I have got the green light on the new isa from alliance and leicester so no worries.
But mon 1 sep there is a new isa from the post office coming out so i have been told by staff so we shall see what rate that is.

Oblivion

darkelf wrote: »

Hi dave,
I have got the green light on the new isa from alliance and leicester so no worries.
But mon 1 sep there is a new isa from the post office coming out so i have been told by staff so we shall see what rate that is.

Good luck with whatever you decide to go with.

Dave.

mr113

This might help you r.e. the Post Office ISA, it launches tomorrow with a rate of 6.25%, 1.5% of which is a bonus for 12 months.

http://forums.moneysavingexpert.com/showthread.html?t=1127275