Do you have money worries and a loan or credit card with your bank?

Tixy

Milady64 wrote: »

Hi
I've just opened a NatWest account but have a credit card with Sainsbury's Bank. All payments on the credit card are up to date, but I'm about to go into a DMP due to unemployment.
Is Sainsbury's Bank still part of RBS/NatWest? And if so can they take money from my NatWest account to pay the Sainsbury's CC when I tell them about the DMP?
Thanks
Milady64

Sainburys used to be a joint venture between sainburys and Bank of Scotland (not Royal Bank of Scotland), so if anything it would be part of Lloyds/HBOS banking group not RBS/Natwest.
I think as Sainburys is Sainsburys Bank PLC with its own FSA licence they probably cannot offset from Lloyds/HBOS either (not that thats relevant in your case)

Leon_Telford wrote: »

I believe Tesco is RBS........

Tesco used to be a joint venture with RBS, but is now a bank in its own right (since 08/09 I believe).

meow5678

Hi all,

I bank with HSBC:
-I have 2 online savings accounts (1 flex, 1 bonus saver)
-my cc (used only for expenses paid off twice a month as my employer reimburses me)
-2 current accounts (1 with an agreed OD).

I am in credit on both current accounts since my dad loaned me the money to clear my OD. My wages go into A with all my DDs set up and I remove the remainder to B and use that for my spending/other outgoings.

Should I be separating my banking? The only other bank I'd want to go with is FD, but as they are connected to HSBC would they be able to set-off missed payments etc in the future?

I have no plans to go back into my OD but am aware that if I need to get a new account I should do it sooner rather than later.

Should you separate everything? Or have a main bank for current acc and savings but move any OD/CCs to other providers? :undecided
Any advice pros? Thanks

Tixy

meow5678 wrote: »

Should you separate everything? Or have a main bank for current acc and savings but move any OD/CCs to other providers? :undecided
Any advice pros? Thanks

I would only be worried about separating savings /current account away from the rest if you felt there was a real danger of you having to miss payments to your cards or default on cards or an overdaft.
I am in a similar position to you and I have current accounts, credit card & mortgage all with hsbc and don't believe its a problem, as I am able to meet all my financial commitments.
If I lost my income for any reason or couldn't meet my repayments then I would switch to a current account with a different bank to protect what funds I did have, before I missed any payments.

It might be worth having a bank account set up somewhere else ready to use in an emergency so should anything ever happen you don't have the delay of opening a new account - I have a nationwide current account open but barely used, for this purpose.

meow5678

Thanks for the advice, sounds like a sensible idea.
Is there any drawback to having a rarely used account? Is it ok for your credit report as long as it does not have an OD or other credit facility connected to it?

My problem is that I like the online HSBC system too much, it's so simple, I'd be hesitant to use another bank when I'm happy with what I'm using.
Thanks again.

Milady64

Thank you! :-)

BEAT_THE_DEBT

So just to clarify , the debt can be taken by a bank if same company. So would lloyds be able to draw from barclays for eg?

Cell

No, they wouldn't

November08

I have been offered a "Good Will Payment" for a mis-sold PPI on mint card from RBS they want to "set it off" against the outstanding balance on the Mint credit card. Do I really have to just accept this or am I entitled to the cash I paid for a product I didn't ask for???

Chick40

I had a bank account with Barclays and also a credit card with them. I fell behind with the payments after I split with my ex husband. I work full time but still struggled. They took all my wages and left me with 46p to last 3 weeks until payday and with 4 children to feed! This was the last straw and I just thought what the hell I might as well hang myself and I told them so. They didn't care at all and kept saying they wouldn't give the money back. I told them I would write a note for the coroner so the world would know that Barclays had finally tipped someone over the edge. They eventually agreed to refund half the money so at least I could buy food and petrol for work. The law needs to be urgently changed so that banks can't leave people destitute especially with children. They take the risk when they give you a credit limit and no one has a crystal ball so they should only be allowed to take a percentage of the debt not the whole amount. I'm pleased to say I'm feeling a lot better now but I only have a bank account with no overdraft and my savings are elsewhere. I won't ever have a credit card again and I wouldn't touch Barclays either!

pogg000

I have a natwest credit card on 0% balance -£1400 which i paid transfer fee for. I also have savings accounts with natwest with more that the cc balance to aim to pay off other 0% cards with.

As i paid transfer fee for the 0% service, will my savings be safe? or should i try to move them elsewhere?


Thanks in advance